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How the price of a certain commodity affects its sales

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Question: An economist is interested in how the price of a certain commodity affects its sales. Suppose that at a price of $p, a quantity q of the commodity is sold. If q = f(p), explain in economic terms the meaning of the statements f(10) = 240,000 and f'(10) = -29,000.

Reference no: EM131602367

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