Question: The demand equation for a product is p = 45 0.01q. Write the revenue as a function of q and find the quantity that

The demand equation for a product is p = 45 − 0.01q. Write the revenue as a function of q and find the quantity that maximizes revenue. What price corresponds to this quantity? What is the total revenue at this price?

Step by Step Solution

★★★★★

3.49 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

We first need to find an expression for Rq or revenue in terms ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Applied Calculus Questions!

iScream Ice Cream Co. iScream is a Chicago start-up that sells ice cream in several mobile ice cream trucks. The main innovative feature of their business is the implementation of a smart phone app...

The demand curve for a product is given by Q x = 1,000 2Px + .02Pz, where Pz = $400. a. What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What...

The demand function for a product is p = 49 x2 and the supply function is p=4x+4. Find the equilibrium point and the consumers surplus there.

The demand equation for a product is p(q) = 25 - 0.01q. Write the revenue as a function of q and find the quantity that maximizes revenue. R(q) = The quantity that maximizes revenue is The price of...

Please solve on paper showing all steps so I can follow along and learn 3. (20 points) The demand equation of a good is P + Q = 30, and the total cost function is 1 TC = E Q2 + 60 + 7 Write down the...

Please solve on paper. It's easier to follow along and lean it. 3. (20 points) The demand equation of a good is P + Q = 30, and the total cost function is 1 TC = E Q2 + 60 + 7 Write down the...

can you please help me with this problem? thank you You operate a gaming website, www.mudbeast.net, where users must pay a small fee to log on. When you charged $4 the demand was 5?0 log-ons per...

The demand equation for a product is given by: p = 8 x 5 p = 8 5 x where p p is the price per item and x x is the number of items sold. ( a ) Find the elasticity of demand, E ( p ) E ( p ) . ( b )...

Marginal-Profit Product A manufacturer determines that m employees will produce a total of q units of product daily, where 10m2 q = Vm2+20 The demand equation for the product is as follow where p is...

According to Padgett Business Services, 20% of all small-business owners say the most important advice for starting a business is to prepare for long hours and hard work. Twenty-five percent say the...

Arithmetic Mean is affected by extreme values a. Less O b. None of these O c. Not O d. Highly O

( FDI ) includes creation of new assets and production facilities in the host country? investment, alliances, acquisition

7. What is an unbalanced assignment problem? How is the Hungarian Assignment Method applied in respect of such a problem?

Use a computer program to compute the lower 10 th percentile of a t distribution with 54 df? Renal Disease The mean serum-creatinine level measured in 12 patients 24 hours after they received a newly...

Use a computer program to compute the probability that a t distribution with 36 df exceeds 2.5? Renal Disease The mean serum-creatinine level measured in 12 patients 24 hours after they received a...

Suppose (x - 0 ) / (s/n) = -1.52 and a one- sample t test is performed based on seven subjects. What is thaw two-tailed p-values? Renal Disease The mean serum-creatinine level measured in 12...

La Ley Sarbanes-Oxley (SOX) de 2002 : ABC posee el 100% de las acciones comunes de XYZ. Al final del ao, los balances finales de las cuentas de efectivo de ABC y XYZ eran $6,000 y $4,500,...

The stock of Business Adventures sells for $30 a share. Its likely dividend payout and end-of-year price depend on the state of the economy by the end of the year as follows: Boom Normal economy...

Warner Company purchases $54,200 of raw materials on account, and it incurs $63,400 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until...