The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by .
What is the price of the commodity at ?
$ /unit
How fast is the price of the commodity changing at ?
(increasing / decreasing) at the rate of $
/wk
Find the equilibrium price of the commodity. (Hint: It's given by . Also, use the fact that
.)
$ /unit
Correct Answer:
Verified
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