Answer:
(a) the price per units is $5.0
(b)the number of units demanded = 7
Step-by-step explanation:
The demand function is given by
(a) Now, we have to find the value of p when q = 6
Substitute q = 6 in the above equation
On simplifying, we get
Rounding to nearest cents, we have
Therefore, the price per units is $5.0
(b)
Now, we have to find q for p = $2.99
Divide both sides by 100
Take natural log both sides
On simplifying, we get
Therefore, the number of units demanded = 7