Effect of Price on Supply of Eggs Suppose the wholesale price of a certain brand of medium-sized eggs p (in dollars/carton) is related to the weekly supply x (in thousands of cartons) by the following equation. 625p² - x² = 100 If 24000 cartons of eggs are available at the beginning of a certain week and the price is falling at the rate of 3c/carton/week, at what rate is the supply changing? (Round your answer to the nearest whole number.) (Hint: To find the value of p when x = 24, solve the supply equation for p when x = 24.) -83 X cartons per week

Effect of Price on Supply of Eggs Suppose the wholesale price of a certain brand of medium-sized eggs p (in dollars/carton) is related to the weekly supply x (in thousands of cartons) by the following equation. 625p² - x² = 100 If 24000 cartons of eggs are available at the beginning of a certain week and the price is falling at the rate of 3c/carton/week, at what rate is the supply changing? (Round your answer to the nearest whole number.) (Hint: To find the value of p when x = 24, solve the supply equation for p when x = 24.) -83 X cartons per week

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...

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