Math Problem Statement
Suppose the demand for a particular commodity follows the equation: where is the price and is the quantity sold. If the price is
increased from 6 to 6.5, what is the approximate fall in sales?
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Calculus
Differentiation
Demand Function
Price Elasticity
Formulas
dq ≈ (dq/dp) * Δp
Demand function: q = f(p)
Theorems
Price Elasticity of Demand
Suitable Grade Level
Undergraduate Economics or Advanced High School (Grades 11-12)
Related Recommendation
Elasticity of Demand Calculation for Exercise Bicycle Sales
Calculate Own-Price Elasticity of Demand for Sandals
Rate of Change in Sales Volume: Price Impact on Sales at $23
Calculate Own-Price Elasticity of Demand for Boba Tea Shop
Linear Demand Function for Cell Phone Sales - Price and Sales Prediction