Stats Solutions

(Solution Library) (a) Find the total amount of money consumers are willing to spend to get q_0 units of the commodity, where D(q)=(300)/((0.1q+1))^2 and q_0=5.

Question: (a) Find the total amount of money consumers are willing to spend to get \({{q}_{0}}\) units of the commodity, where

\[D\left( q \right)=\frac{300}{{{\left( 0.1q+1 \right)}^{2}}}\]

and \({{q}_{0}}=5\).

(b) Sketch the graph of the curve and interpret the consumer’s willingness to spend in part (a) as an area.

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