Assume that the demand for a product is given by the following function\n QD = 1000 – 50P + 2P2 + 10PS + PS2\n where QD is the quantity de
Assume that the demand for a product is given by the following function
\r\nQD = 1000 – 50P + 2P2 + 10PS + PS2
\r\nwhere QD is the quantity demanded, P is the price of the good and PS is the price of a substitute good. What is the partial derivative of this demand function with respect to (a) the price of the good; (b) the price of the substitute good? Interpret the meaning of each partial derivative.