SOLUTION: Consider the supply equation where x is the quantity supplied in units of a thousand and p is the unit price in dollars.
p = x^3 + x + 3
Determine the price (in dollars) at whi
Algebra.Com
Question 1160559: Consider the supply equation where x is the quantity supplied in units of a thousand and p is the unit price in dollars.
p = x^3 + x + 3
Determine the price (in dollars) at which the supplier will make 1,500 units of the commodity available in the market. (Round your answer to the nearest cent.)
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
----------------------------------------------------------
Consider the supply equation where x is the quantity supplied in units of a thousand and p is the unit price in dollars.
p = x^3 + x + 3
------------------------------------------------------------
From reading that problem description, one might like to just substitute 1.500 for x, and evaluate p. Maybe another opinion is needed.
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
From the post, it is clear that you should substitute x= 1.5 (representing 1500 units) into the formula
and calculate " p ".
--------------
The formula for the price as a function of production seems to be strange: than more units is produced, than unit price is higher.
In normal economy, the tendency is opposite: than more the production is, than lesser is the unit price . . .
RELATED QUESTIONS
Consider the supply equation where x is the quantity supplied in units of a thousand and... (answered by stanbon)
Consider the supply equation where x is the quantity supplied in units of a thousand and... (answered by stanbon)
Consider the demand equation where x represents the quantity demanded in units of a... (answered by ankor@dixie-net.com)
Consider the demand equation below, where x represents the quantity demanded in units of... (answered by rfer,stanbon)
Consider the demand equation where x represents the quantity demanded in units of a... (answered by Boreal)
supply and demand equation where x represents the quantity demanded in units of 1000 and... (answered by greenestamps)
In the pair of supply and demand equations below, x represents the quantity demanded in... (answered by stanbon)
The demand equation for the Drake GPS Navigator is
x + 4p − 1100 = 0,
where x... (answered by ankor@dixie-net.com)
The demand equation for the Drake GPS Navigator is
x + 4p − 728 = 0,
where x is... (answered by ikleyn)