Solve the Problem $$\mathrm { p } = 398 - 73 \ln ( \mathrm { q } )$$

question 508

Short Answer

Solve the problem.
-Data representing the price and quantity demanded for hand-held electronic organizers were analyzed every
day for 15 days. The logarithmic function of best fit to the data was found to be $$\mathrm { p } = 398 - 73 \ln ( \mathrm { q } )$$ Use this to
predict the number of hand-held electronic organizers that would be demanded if the price were $275.

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Definitions:

Data-entry Operators

Individuals responsible for inputting data into computer systems, often involving the transcription of information from paper formats.

Marginal Cost

The extra cost incurred from producing one additional unit of a good or service.

Marginal Product

The additional output that results from a one-unit increase in the input of a production factor, holding all other inputs constant.

Marginal Revenue Product

the additional revenue generated from using one more unit of a factor of production.