I need question 87 answered and I provided the previous information needed from question 85 85. Price-demand. A company manufactures memory chips formicrocomputers. Its marketing research department, usingstatistical techniques, collected the data shown in Table 8,where p is the wholesale price per chip at which x millionchips can be sold. Using special analytical techniques (re-gression analysis), an analyst produced the following price-demand function to model the data:p(x) = 75 - 3x1≤x≤ 20Table 8 Price-Demandx (millions)I491420p($)7263483315 87. Revenue.(A) Using the price-demand functionp(x) = 75 - 3x 1≤x≤ 20from Problem 85, write the company's revenue functionand indicate its domain.(B) Complete Table 10, computing revenues to the nearestmillion dollars.Table 10 Revenuex (millions)14∞121620R(x) (million $)72(C) Plot the points from part (B) and sketch a graph of therevenue function using these points. Choose millions forthe units on the horizontal and vertical axes.

The set of numbers for which a function produces an output is said to be its domain. In other words,…

87. Revenue. (A) Using the price-demand function p(x) = 75 - 3x 1 ≤ x ≤ 20 from Problem 85, write the company's revenue function and indicate its domain. (B) Complete Table 10, computing revenues to the nearest million dollars. Table 10 Revenue x (millions) 1 48262 12 16 20 R(x) (million $) 72 (C) Plot the points from part (B) and sketch a graph of the revenue function using these points. Choose millions for the units on the horizontal and vertical axes.

87. Revenue. (A) Using the price-demand function p(x) = 75 - 3x 1 ≤ x ≤ 20 from Problem 85, write the company's revenue function and indicate its domain. (B) Complete Table 10, computing revenues to the nearest million dollars. Table 10 Revenue x (millions) 1 48262 12 16 20 R(x) (million $) 72 (C) Plot the points from part (B) and sketch a graph of the revenue function using these points. Choose millions for the units on the horizontal and vertical axes.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 1.3P

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