# homework help

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• Nov 17th 2008, 06:55 PM
icecalc99
homework help
if i can get some help working on these problems. that would be appreciated

1

The revenue from a companys
socks is a function of the price they charge. The price
they can charge is a function of demand. Currently the
demand is dropping at a rate of 1000 ringtones per day.
The marginal price (as a function of demand) currently is
\$.00001 per extra ringtone demanded .

What is the current marginal price as a function
of time?

2

if the current price of socks is \$1.13 and the
current demand is 5000 socks, then
what is the current marginal revenue as a
function of time? use aswer for number one
• Feb 1st 2009, 08:36 PM
mathhomework
Please check my answer!
Do you know the answer now? I am just trying to do some math problems. Not sure of the answer. Please post your answer.

1. current marginal price as function of time is (-1000 demand/day)(\$0.00001/demand)=-\$0.01/day

2. 5000 demand/dayx\$0.0001/demand=\$0.05/day
current marginal revenue is\$0.05-\$0.01=\$0.04
• Feb 10th 2009, 07:12 PM
mollymcf2009
Quote:

Originally Posted by icecalc99
if i can get some help working on these problems. that would be appreciated

1

The revenue from a companys
socks is a function of the price they charge. The price
they can charge is a function of demand. Currently the
demand is dropping at a rate of 1000 ringtones per day.
The marginal price (as a function of demand) currently is
\$.00001 per extra ringtone demanded .

What is the current marginal price as a function
of time?

2

if the current price of socks is \$1.13 and the
current demand is 5000 socks, then
what is the current marginal revenue as a
function of time? use aswer for number one

Ok, is the wording correct for the first one? It says something about socks and then something about ringtones. LOL Can you clarify what the first part of this problem is? I can walk you through setting this up, but want to make sure I have the correct data before I do that.