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Explain the meaning of each of the given statements

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Reference no: EM131602347

Question: An economist is interested in how the price of a certain item affects its sales. At a price of $p, a quantity, q, of the item is sold. If q = f(p), explain the meaning of each of the following statements:

(a) f(150) = 2000

(b) f'(150) = -25

Reference no: EM131602347

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