I am having trouble with the attached related rates hmwk problem.
2. Suppose the demand equation is given by: q (p) = 10 - 0.1p, where q represents the number of items manufactured (and sold) at a price p dollars. If the quantity demanded is increased at a rate of 20 per week, find the following:
(a) The rate of change of p with respect to time.
(b) The rate of change of revenue with respect to time when q = 4.
** Hint: Revenue equals price times quanity and you'll also need the answer you found in (a).
For part A, I got dp/dt=-200$.
q = items manufactured
p = price
dp/dt = ?
dq/dt = 20
q(p) = 10 - 0.1p
dq/dt = -0.1 dp/dt
20/-0.1 = (-0.1/-0.1) dp/dt
dp/dt = -200
I'm not even sure if that is correct. For part B I don't know where to begin. Any help would be greatly appreciated.
2. Suppose the demand equation is given by: q (p) = 10 - 0.1p, where q represents the number of items manufactured (and sold) at a price p dollars. If the quantity demanded is increased at a rate of 20 per week, find the following:
(a) The rate of change of p with respect to time.
(b) The rate of change of revenue with respect to time when q = 4.
** Hint: Revenue equals price times quanity and you'll also need the answer you found in (a).
For part A, I got dp/dt=-200$.
q = items manufactured
p = price
dp/dt = ?
dq/dt = 20
q(p) = 10 - 0.1p
dq/dt = -0.1 dp/dt
20/-0.1 = (-0.1/-0.1) dp/dt
dp/dt = -200
I'm not even sure if that is correct. For part B I don't know where to begin. Any help would be greatly appreciated.
Attachments
Last edited by a moderator: