The yearly demand function for Penn State Bakery cookie trays is given by x2 3p2 2x 12p 255 where p is the wholesale unit price

Question

The yearly demand function for Penn State Bakery cookie trays is given by x2 3p2 2x 12p 255 where p is the wholesale unit price in dollars and x is the quantity demanded each year measured in units of a thousand a Compute the price p when x 10 Price p 5 dollars b Use implicit differentiation to compute the rate of change of demand with respect to price p when x 10 Do not round your answer 6p 12 22 Rate of change of demand x Elasticity of Demand c Compute the elasticity of demand when x 10 Do not round your answer 10p 20 P thousands of units per dollar X

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