Results 1 to 4 of 4

Math Help - derivatives

  1. #1
    Newbie
    Joined
    Oct 2008
    Posts
    3

    derivatives

    Any help would be HUGELY helpful!!!



    Assume the demand for a product q1 is a function of its own price (p1) and another productís price (p2):

    q1 = 10p1^-1p2^0.5

    (a) Calculate the partial derivatives of the function for both prices.
    (b) Using the result obtained in part (a), calculate the own price elasticity of demand.
    (c) At what value of p1 is the own price elasticity unit elastic?
    (d) Calculate the cross-price elasticity of demand. Is the other good a complement or a substitute? How can you tell?


    Please help me........My brain hurts!!!
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor
    Joined
    Aug 2007
    From
    USA
    Posts
    3,110
    Thanks
    2
    q_{1} = 10\frac{\sqrt{p_{2}}}{p_{1}} ??

    Can you do the partial derivatives? Please demonstrate.

    Do you have a definition of "Own-Price Elasticity of Demand"? I suspect it has something to do with the p1-partial derivative?

    Do you have a definition of "Unit Elastic"?

    Do you have a definition of "Cross-Price Elasticity of Demand"? I suspect it has something to do with the p2-partial derivative?

    Let's see where you are...
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Newbie
    Joined
    Oct 2008
    Posts
    3
    Quote Originally Posted by TKHunny View Post
    q1 = 10\frac{\sqrt{p2}}{p1} ??

    Can you do the partial derivatives? Please demonstrate.

    Do you have a definition of "Own-Price Elasticity of Demand"? I suspect it has something to do with the p1-partial derivative?

    Do you have a definition of "Unit Elastic"?

    Do you have a definition of "Cross-Price Elasticity of Demand"? I suspect it has something to do with the p2-partial derivative?

    Let's see where you are...

    I really cannot do the partial derivatives, I always seem to get myself in a serious mess.

    The "own-price elasticity of demand does relate to the partial derivate of p1 but, like I said before, I just can't get my head around partial derivatives.

    Unit elastic is when the elasticity is equal to one, so for the elasticity of demand for an example, the expenditure remains constant as the price changes. I understand that

    To be honest I don't fully understand the cross price elasticity of demand but I think it is in relation to the relationship between p1 and p2.

    To be perfectly honest I don't fully understand much of this and am seriously stuggling!
    I hope you are able to help me in some way, shape or form.

    Thank you for your time!

    Jack B
    Follow Math Help Forum on Facebook and Google+

  4. #4
    MHF Contributor
    Joined
    Aug 2007
    From
    USA
    Posts
    3,110
    Thanks
    2
    How about a non-partial derivative? If you cannot do that, you are toast. I would have to wonder if you have had the proper prerequisites for this course.

    Given f(x) = \frac{10}{x}, can you find the first derivative, f'(x)?

    Given g(x) = 5\sqrt{x}, can you find the first derivative, g'(x)?
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Derivatives and Anti-Derivatives
    Posted in the Calculus Forum
    Replies: 7
    Last Post: February 6th 2011, 06:21 AM
  2. Replies: 1
    Last Post: July 19th 2010, 04:09 PM
  3. Derivatives with both a and y
    Posted in the Calculus Forum
    Replies: 3
    Last Post: October 4th 2009, 09:17 AM
  4. Replies: 4
    Last Post: February 10th 2009, 09:54 PM
  5. Trig derivatives/anti-derivatives
    Posted in the Calculus Forum
    Replies: 1
    Last Post: February 10th 2009, 01:34 PM

Search Tags


/mathhelpforum @mathhelpforum