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The Demand Function for a Product Is Modeled By p=3000(155+e0.0002x)p = 3000 \left( 1 - \frac { 5 } { 5 + e ^ { - 0.0002 x } } \right)

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The demand function for a product is modeled by p=3000(155+e0.0002x) p = 3000 \left( 1 - \frac { 5 } { 5 + e ^ { - 0.0002 x } } \right) . Find the price of the product if the quantity demanded is x = 100. Round your answer to two decimal places where applicable.

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Definitions:

Equilibrium Wage

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.

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The total cost incurred in acquiring a new asset or customer, including all expenses related to the purchase.

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