Question: The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = 20p + 500. (a) Find

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = −20p + 500.

(a) Find a model that expresses the revenue R as a function of p.

(b) What is the domain of R ? Assume R is nonnegative.

(c) What price p maximizes the revenue?

(d) What is the maximum revenue?

(e) How many units are sold at this price?

(f) Graph R.

(g) What price should the company charge to earn at least $3000 in revenue?

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a The revenue R is the product of the price p and the quantity x sold So we can express R as a funct... View full answer

blur-text-image
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 Precalculus Questions!

Q:

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = 5p + 100. (a) Find a model that expresses the revenue R as a function of p. (b) What is the...

Q:

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation. (a) Find a model that expresses the revenue R as a function of p. (Remember, R = xp.) (b) What is...

Q:

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation (a) Find a model that expresses the revenue R as a function of p. (b) What is the domain of R? Assume...

Q:

The price p [in dollars} and the quantity 3: sold of a certain product satisfy the demand equation x = 9p + 900. Answer parts (a) through [9). (a) Find a model that expresses the revenue R as a...

Q:

Determine the quadratic function whose graph is given below. The quadratic function which describes the given graph is f(x) = 20 My (Type an expression.) Jo- X -10 -5 (0, - 2) 5 10 -10- (3, -11)...

Q:

Please help to solve problems 8 through 13 Please show full work! Thanks tutors. Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following...

Q:

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = -5p+ 200. Answ parts (a) through (g). www (a) Find a model that expresses the revenue R as a...

Q:

The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation. (a) Find a model that expresses the revenue R as a function of the price p. (b) What is the domain...

Q:

NEED ALL QUESTIONS ANSWERED. NEED TO BE ABLE TO READ HANDWRITING. Math 8 Review 3 Test 3 will cover sections 3.4 3.7,4.1,4.2, 5.1 5.3, supplement to chapter 5 (quadratic models) I. The price p (in...

Q:

M New OTP for authentic x PortalGuard - Portal A X Chapter 4 Review X Do Homework - Chap X *Course Hero X C | Chegg.com X Mathway | Algebra Prc X + X...

Q:

Analyze three items on the income statement (or income statement-based financial ratios; see the list below) for your base company for the last three years and discuss whether the companys...

Q:

Ace Plastics produces different kinds of products, all in one manufacturing facility. They have identified four activities for their costing system: Materials management?allocated by number of...