Course: Mathematical Fundamentals Topic: Application of Derivatives in Economic Problems A manufacturer determines that "t" employees will produce a total of "q(t)" units per day, where: If demand equation for product (price) is given by: (a) Determine RATE OF CHANGE of income "I" with respect to "t" workers. b) What is RATE OF CHANGE of income when there are 12 workers?
Course: Mathematical Fundamentals
Topic: Application of Derivatives in Economic Problems
A manufacturer determines that "t" employees will produce a total of "q(t)" units per day, where:
<See attached image 1>
If demand equation for product (price) is given by:
<See attached image 2>
(a) Determine RATE OF CHANGE of income "I" with respect to "t" workers.
b) What is RATE OF CHANGE of income when there are 12 workers?
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Solved in 4 steps
First. Income function is Income = p(q) * q. I don't see that part in development.
Second. When there is variable "q" as (q+10)^2 on denominator , it can be replaced by q(t) from statement, since it asks for rate of change of I over t.
So I see that something is missing in development, to then replace t = 12 workers. And I think is "dI/dt", no "dp/dt", where dI is Income partial derivate
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