Consider the table below: What price do you think the company is charging for its product ________________________ ?q50060070080090010001100C(q), in $5000550060006500700075008000R(q), in $4000480056006400720080008800 a.$8 b.$3 c.$9 d.$5 e.None of these

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Description: Consider the table below: What price do you think the company is charging for its product ________________________ ?q50060070080090010001100C(q), in $5000550060006500700075008000R(q), in $4000480056006400720080008800 a.$8 b.$3 c.$9 d.$5 e.None of th

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Mathematics For Machine Technology

8th Edition

ISBN:9781337798310

Author:Peterson, John.

Publisher:Peterson, John.

Chapter39: Symbolism And Algebraic Expressions

Section: Chapter Questions

Problem 17A: Stock is removed from a block in two operations. The original thickness of the block is represented...

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Consider the table below: What price do you think the company is charging for its product ________________________ ?

q	500	600	700	800	900	1000	1100
C(q), in $	5000	5500	6000	6500	7000	7500	8000
R(q), in $	4000	4800	5600	6400	7200	8000	8800

	a.	$8
	b.	$3
	c.	$9
	d.	$5
	e.	None of these

Expert Solution

Step 1

Total revenue is obtained obtained by multiplying the number of product sold and price of product , that is R(q)=p*q, where p is price of product

Step 2

So , p=R(q)/q

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