Suppose that a product currently sells for $25, with the price increasing at the rate of $2 per year. At this price, consumers will buy 150 thousand items, but the number being bought is decreasing at a rate of 8 thousand per year. At what rate is the total revenue changing? Is the total revenue increasing or decreasing?
Suppose that a product currently sells for $25, with the price increasing at the rate of $2 per year. At this price, consumers will buy 150 thousand items, but the number being bought is decreasing at a rate of 8 thousand per year. At what rate is the total revenue changing? Is the total revenue increasing or decreasing?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
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Given,
Currently products sells for $ 25 and at this price consumers will buy 150 thousand items.
Price is increasing at the rate of $ 2 per year but the number being bought is decreasing at a rate of 8 thousand per year.
We have to find the rate of total revenue changing and change is total revenue.
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