A company finds that consumer demand quantity changes with respect to price at a rate given by D'(P)= -3500/P².Find the demand function if the company knows than 829 units of the product are demanded when the price is $5 per unit.
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Given : A company finds that consumer demand quantity changes with respect to price at a rate given by D'(P)= -3500/P².
829 units of the product are demanded when the price is $5 per unit.
To Find : the demand function
Solution:
D'(P) = -3500/P²
integrating both sides
=> D(P) = 3500/P + C
C is constant
829 units of the product are demanded when the price is $5
=> 829 = 3500/5 + C
=> 829 = 700 +C
=> C = 129
D(P) = 3500/P + 129
is the required demand function
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