Demand for Your Tie-Dyed T-Shirts Is Given by the Formula $p = 5 + \frac { 100 } { \sqrt { q } }$

question 14

Multiple Choice

Demand for your tie-dyed T-shirts is given by the formula ? $p = 5 + \frac { 100 } { \sqrt { q } }$
Where p is the price in dollars you can charge to sell q T-shirts per month. If you currently sell T-shirts for $10 each and you raise price by $1 each month, how fast will the demand drop

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Definitions:

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Scapegoating

The practice of unfairly blaming an individual or group for problems or negative outcomes that they did not cause.

Automatic Reactions

Instantaneous responses or behaviors that occur without conscious decision-making, often as a result of learned behaviors or innate reflexes.

Racial Bias

Prejudice or preferential treatment towards people based on their race, often rooted in stereotypes and societal structures.