The Price of a Certain Commodity in Dollars Per Unit

question 174

Essay

The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by .
What is the price of the commodity at t = 0?
$__________ / unit
How fast is the price of the commodity decreasing at t = 0?
$__________ / wk
Find the equilibrium price of the commodity.(Hint: It's given by .Also, use the fact that .)
$__________ / unit

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Definitions:

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The study of the psychological and behavioral processes within a social group or between social groups.

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