can someone please help me with math, i have a test tomorrow?
x= -20p+5000 and , p, is greater than or equal to 0 and less than or equal to 25
a.) Express the revenue R as a function of x.
b.) What is the revenue if 20 units are sold?
c.) Graph the revenue function using a graphing utility
d.) what quantity x maxiizes revenue? What is the maximum revenue
e.)what price should the company charge to maximize revenue?
PLZ HELP ME IM TOTALLY LOST
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I found this – 2.1c has a demand curve so you could derive the graph. http://www.nd.edu/~tgresik/Econ30010/Homework1Answers.pdf
seeing as how your probably a university student I’m not going to grant you the answers…if you’re totally lost, check wikipedia – they have an awesome econ section…or your textbook. Don’t be afraid to test different values for your variables, this way you can see how it affects the demand curve. For maximizing profit – do you remember anything about the marginal revenue equaling the marginal cost – check your notes!
Price: p
a) Revenue = Quantity x Price = ( -20p+5000 )p =
-20p^2+ 5000p
b) -20(20^2) +5000(20) = 92000
d) dR/dx = -40p + 5000 = 0; p = 125.
Quantity = -20(125)+5000 = 2500
R = -20(125^2) +5000(125) = 312500
e) p =125
you must be smart to be doing that kind of math…
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