$\text { Suppose the demand equation for a product is } p = \frac { 50,000 } { 500 + 7 x } \text {. Find the average price }$

question 143

Multiple Choice

$\text { Suppose the demand equation for a product is } p = \frac { 50,000 } { 500 + 7 x } \text {. Find the average price }$ $p$ on the interval $50 \leq x \leq 60$ . Round your answer to the nearest dollar.

• A) \(\$ 67\)
• B) \(\$ 83\)
• C) \(\$ 57\)
• D) \(\$ 565\)
• E) \(\$ 52\)

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Definitions:

Economic Profit

A measure of performance that includes both the tangible and intangible costs associated with doing business, providing a more comprehensive view than traditional profit metrics.

Restaurant Market

Refers to the commercial space or sector dedicated to establishments offering food and beverage services to customers.

Gas Stations

Gas Stations are retail facilities that sell fuel and engine lubricants for motor vehicles, often offering additional services or goods.

Long Run

A period in which all factors of production and costs are variable, allowing for adjustment in all inputs and production levels.