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Math Help - homework help

  1. #1
    Newbie
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    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
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  2. #2
    Junior Member mathhomework's Avatar
    Joined
    Jan 2009
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    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
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  3. #3
    Senior Member mollymcf2009's Avatar
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    Charleston, SC
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    1
    Quote Originally Posted by icecalc99 View Post
    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.
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