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 t = 0?
$__________ / unit
How fast is the price of the commodity decreasing at t = 0?
$__________ / wk
Find the equilibrium price of the commodity. (Hint: It's given by . Also, use the fact that .)
$__________ / unit

Question

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 t = 0?
$__________ / unit
How fast is the price of the commodity decreasing at t = 0?
$__________ / wk
Find the equilibrium price of the commodity. (Hint: It's given by  . Also, use the fact that  .)
$__________ / unit

Quizplus · Accepted Answer

The Answer of 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 t = 0?
$__________ / unit
How fast is the price of the commodity decreasing at t = 0?
$__________ / wk
Find the equilibrium price of the commodity. (Hint: It's given by  . Also, use the fact that  .)
$__________ / unit

The Price of a Certain Commodity in Dollars Per Unit