SOLUTION: The supply function for a boat is given by p=340(2^q), where p dollars is the price per boat and q is the quantity of boats supplied. What quantity will be supplied if the price is
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-> SOLUTION: The supply function for a boat is given by p=340(2^q), where p dollars is the price per boat and q is the quantity of boats supplied. What quantity will be supplied if the price is
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Question 1100333: The supply function for a boat is given by p=340(2^q), where p dollars is the price per boat and q is the quantity of boats supplied. What quantity will be supplied if the price is $10,880 per boat? Answer by htmentor(1343) (Show Source):
You can put this solution on YOUR website! p = 340(2^q)
Solve for q:
p/340 = 2^q
Take the logarithm of both sides:
ln(p/340) = q*ln(2)
q = ln(p/340)/ln(2)
q = (10800/340)/ln(2) = 5
Ans: 5 boats
