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Torsten Hennig
science forum Guru Wannabe
Joined: 28 Apr 2005
Posts: 136
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 Posted: Fri Jun 02, 2006 6:54 am Post subject:
Re: Is this correct??
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| Quote: | Given that the demand function is D( q ) = 80 ^ (e-.01q) >per unit I need to
find the total amount of money consumers will spend for >100 units.
Is the answer just D ( 100 ) ...?
Thanks
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I think the demand D is given as a function of the
price q for one unit of the product.
So if the demand is 100 units, you must solve
100 = 80^(e-0.01q)
for q to get the price consumers are willing to pay for
one unit.
Thereafter, you have to multiply this q by 100 to get
the total amount of money users will spend for 100
units of the product.
(Result should be appr. 16,673 (dollars or whatever))
Best wishes
Torsten. |
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Proginoskes
science forum Guru
Joined: 29 Apr 2005
Posts: 2593
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| Posted: Fri Jun 02, 2006 6:47 am Post subject:
Re: Is this correct??
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Michael Jørgensen wrote:
| Quote: | "Mkajuma" <mkajumap@hotmail.com> wrote in message
news:qaQfg.2628$oa1.2413@news02.roc.ny...
Given that the demand function is D( q ) = 80 ^ (e-.01q) per unit I need to
find the total amount of money consumers will spend for 100 units.
Is the answer just D ( 100 ) ...?
What does "q" represent (is it price, or number of units, or what)? And what
does D(q) represent (is it number of units demanded, or fraction thereof, or
is it the price consumbers are willing to pay)? You really need to answer
these questions (and understand the answers), before you are able to solve
the problem.
Besides, I don't understand your notation: what does "e-.01q" mean? What
value do you get for D(100)?
The total amount of money spent is "price for one unit" times "number of
units sold".
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Whenever I've seen a demand function, the quantity x is given as a
function of price p. The total revenue (the answer to this problem)
would be x*p evaluated at p=100.
--- Christopher Heckman |
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Michael Jørgensen
science forum addict
Joined: 19 May 2005
Posts: 86
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| Posted: Fri Jun 02, 2006 6:41 am Post subject:
Re: Is this correct??
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"Mkajuma" <mkajumap@hotmail.com> wrote in message
news:qaQfg.2628$oa1.2413@news02.roc.ny...
| Quote: | Given that the demand function is D( q ) = 80 ^ (e-.01q) per unit I need
to
find the total amount of money consumers will spend for 100 units.
Is the answer just D ( 100 ) ...?
|
What does "q" represent (is it price, or number of units, or what)? And what
does D(q) represent (is it number of units demanded, or fraction thereof, or
is it the price consumbers are willing to pay)? You really need to answer
these questions (and understand the answers), before you are able to solve
the problem.
Besides, I don't understand your notation: what does "e-.01q" mean? What
value do you get for D(100)?
The total amount of money spent is "price for one unit" times "number of
units sold".
-Michael. |
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Mkajuma
science forum Guru Wannabe
Joined: 02 May 2005
Posts: 102
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| Posted: Fri Jun 02, 2006 5:39 am Post subject:
Is this correct??
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Given that the demand function is D( q ) = 80 ^ (e-.01q) per unit I need to
find the total amount of money consumers will spend for 100 units.
Is the answer just D ( 100 ) ...?
Thanks |
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