The demand
Thus, the rate of change of
Step 1 :Given the equation
Step 2 :To do this, we first need to differentiate both sides of the equation with respect to
Step 3 :Starting with the left side, the derivative of
Step 4 :For the right side, we use the chain rule for differentiation. The chain rule states that the derivative of a composite function is the derivative of the outer function times the derivative of the inner function.
Step 5 :The outer function is
Step 6 :Applying the chain rule, we get
Step 7 :Simplifying this expression, we get
Step 8 :Setting the derivatives equal to each other, we get
Step 9 :Solving for
Step 10 :Thus, the rate of change of