Respuesta :
The ratio X/Y for the fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z is 10/pY.
What is a mathematical model?
A mathematical model is the model which is used to explain the any system, the effect of the components by study and estimate the functions of systems.
Consider a fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z.
The demand for Model Z depends on the gasoline price (q) because customers tend to purchase an electronic vehicle as a substitute for vehicles that run on gasoline when the gasoline price increases.
The demand for Model Z is estimated as
[tex]D(p) = 180 + 10q - 4p[/tex]
Here, p is the price of Model Z.
Consider the following two statements:
- 1. When the average gasoline price q increases by $1, the revenue-maximizing price p" increases by $X.
[tex]D(p) = 180 + 10q - 4p\\D(p) = 180 + 10(q+1) - 4(p+X)[/tex]
- 2. When the average gasoline price q increases by $1, the demand at the revenue-maximizing price (i.e., D(p*)) increases by a factor of Y.
[tex]D(p)+Y = 180 + 10q - 4p\\(D(p)+Y) = 180 + 10(q+1) - 4(p+X)\\Y= 180 + 10(q+1) - 4(p+X)-D(p)\\[/tex]
Put the value of demand at the revenue-maximizing price as,
[tex]Y= 180 + 10(q+1) - 4(p+X)-(180 + 10q - 4p)\\Y= 180 + 10q+10 - 4p-pX-180 - 10q + 4p\\Y= 10 -pX\\1=\dfrac{10}{Y}-\dfrac{pX}{Y}\\\dfrac{10}{Y}=\dfrac{pX}{Y}\\\dfrac{10}{pY}=\dfrac{X}{Y}[/tex]
Thus, the ratio X/Y for the fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z is 10/pY.
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