Homework SourseThe demand function for a certain product is given by pq8000
The demand function for a certain product is given by pq=8000, where p is the price charged per item and q is the quanity which can be sold at that price. If the product currently sells for $3.50 per item, what would be the rate of change of quanity over time if the rate of change of price over time is $0.50?
Solution
q=8000/p dq/dt=-8000/p^2 dp/dt =-8000*0.5/3.5*3.5 =-326.530
