Math Problem Statement
Solution
The derivative of the demand function with respect to the price is:
Now, let's compute the rate of change at .It seems like I can’t do more advanced data analysis right now. Please try again later. However, you can substitute directly into the derivative equation:
This will give you the rate of change in the demand when the price is 5.
Would you like further clarification on this, or have any other questions? Here are some related questions:
- How does the demand function change as the price increases or decreases?
- What is the economic interpretation of ?
- How does the presence of the term affect the demand?
- What does it mean for the rate of change to be negative?
- How would the rate of change vary if the price were different?
Tip: When dealing with derivatives in economics, the sign of the derivative often tells you whether a quantity is increasing or decreasing with respect to the variable.
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Math Problem Analysis
Mathematical Concepts
Calculus
Differentiation
Demand function
Formulas
dx/dp = (4p / (p + 2)^2) - 1 - (4 / (p + 2))
Theorems
Derivative of a function
Chain Rule
Suitable Grade Level
Grades 11-12 or college
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