Assume That the Demand Function for Tuna in a Small $p = \frac { 20,000 } { q ^ { 1.5 } }$

question 49

Multiple Choice

Assume that the demand function for tuna in a small coastal town is given by $p = \frac { 20,000 } { q ^ { 1.5 } }$ where p is the price (in dollars) per pound of tuna and q is the number of pounds of tuna that can be sold at the price p in 1 month. Calculate the price that the town's fishery should charge for tuna in order to produce a demand of 625 pounds of tuna per month.

• A)$1
• B) $2
• C) $1,200
• D) $800
• E) $32

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Definitions:

Biological Growth

The process of physical development and increase in size, which occurs in living organisms through cell division and differentiation.

Conservation

In psychology, the understanding that certain properties of objects or substances remain the same even when their appearance changes, a concept developed by Jean Piaget.

Object Permanence

The comprehension that objects remain in place even when they're not visible, audible, or detectable in any sensory manner.

Egocentrism

The inability to differentiate between one's own perspective and another person's perspective, often seen in early childhood development.