Macroeconomics—Price-Demand: For the price-demand function in Exercise 1, determine the desired price for each unit if the number of units sold is 65 units per day.
Exercise 1
Macroeconomics—Price-Demand: The price-demand function for the new Hanford handheld gaming device can be modeled by
p(x) = 120 − 0.1x 0 ≤ x ≤ 80
where x represents the number of units sold per day, and p(x) represents the price per unit.
(a) Complete the table of values. That is, determine the price when the demand is x = 0, 10, 20, 30, …, 80 units per day.
x
0
10
20
30
40
50
60
70
80
p(x)
(b) Make a graph of the function p on the interval [0, 80].
(c) If [0, 80] is the domain, what is the corresponding range of the function?
(d) Evaluate p(45) and interpret.
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