The demand function for a certain commodity is given by , where p is the price per unit and q is the number of units. a. At what price per unit will the quantity b. If the price is $1.87 per unit, demanded equal 8 units

(a) The price per unit is $1.83 when the quantity demanded is 8 units

(b) The quantity demanded is approximately 8 units when the price per unit is $1.87

Explanation:

Given

price per unit

quantity demanded

Solving (a): Price per unit when quantity is 8

This means that we calculate p(8)

We have:

So:

Solving (b): Quantity demanded when price per unit is $1.87

This means that:

---- find q

We have:

So:

Divide both sides by 100

Take natural logarithm of both sides

Rewrite as:

Multiply by -2

Approximate

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