1. AAA Dance Shoes makes dancing shoes with leather soles. The shoes manufacture. The fixed cost for the product line is $45,000. The company has determined their demand function to be q = -200p + 30,000, where p is the price for each pair of shoes. Write the expense and revenue functions in terms of price.

1. AAA Dance Shoes makes dancing shoes with leather soles. The shoes manufacture. The fixed cost for the product line is $45,000. The company has determined their demand function to be q = -200p + 30,000, where p is the price for each pair of shoes. Write the expense and revenue functions in terms of price.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 7PA

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