The Demand Function for a Limited Edition Comic Book Is $p = 3000 \left( 1 - \frac { 5 } { 5 + e ^ { - 0.015 x } } \right)$

question 21

Multiple Choice

The demand function for a limited edition comic book is given by $p = 3000 \left( 1 - \frac { 5 } { 5 + e ^ { - 0.015 x } } \right)$ Find the price $p$ for a demand of $x = 45$ units.

• A)$5722.74
• B)$277.26
• C)$369.89
• D)$340.13
• E)$6369.89

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Definitions:

Time Series

A sequence of data points typically measured at successive points in time, spaced at uniform time intervals.

Mean Absolute Deviation

The average of the absolute differences between each data point in a set and the mean of that set.

Actual Value

The real, true, or observed value of a variable or attribute, without estimation or error.

Forecast Value

An estimate of a future numerical quantity, often used in the context of sales, weather, or financial performance.