Use the Demand Function $x = 250 \left( 1 - \frac { 5 p } { 7 p + 2 } \right)$

question 74

Multiple Choice

Use the demand function $x = 250 \left( 1 - \frac { 5 p } { 7 p + 2 } \right)$ to find the rate of change in the demand x for the given price $p = \$ 2.00$ . Round your answer to two decimal places.

• A)9.77 units per dollar
• B)-1.95 units per dollar
• C)1.95 units per dollar
• D)3.47 units per dollar
• E)-9.77 units per dollar

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Definitions:

State Universities

Public institutions of higher education that are primarily funded by a state or local government.

Opportunity Cost

The result of losing potential upsides from other choices by committing to one.

Market Price

The current market price for purchasing or selling goods or services.

Opportunity Cost

The benefit lost when one decision is made over another, effectively the cost of forgoing the next best alternative.