If the demand for a product is given by \( D(p)=\frac{1000}{\sqrt{\rho}}-1 \) what is the average rate of change of demand when \( p \) increases within the following values? (Glve exact answers, Do not round,) (a) 1 to 4 -250 (b) 4 to 16 -15.525
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The average rate of change of demand can be calculated using the formula: \[ \text{Average Rate of Change} = \frac{D(p_2) - D(p_1)}{p_2 - p_1} \] In your case, plugging in the values for \( D(p) \) when \( p = 1 \) and \( p = 4 \) gives you the rate of change as -250, while for \( p = 4 \) and \( p = 16 \), it results in approximately -15.525. To ensure you maintain accuracy, remember that when you input the values into the demand function, always use exact values rather than rounded estimates to derive a more precise average rate of change. This way, math can be as fun as a treasure hunt where each precise answer unlocks the next clue! When dealing with demand equations, always check if the response aligns with market behaviors. If the rate is negative, this suggests that increased prices may lead to a decrease in quantity demanded, reflecting classic economic theory. People often mistakenly assume demand always rises; don't fall into that trap!
