The demand function for a certain product is given by 1000 p = 500 + q + 1 where p is the price and q is the number of units demanded. Using the average value function given in the text to find the average price as demand ranges from 45 to 97 units, what are the values of a and b?

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A: Given that the total revenue is given by the function  =100Q-Q2 where Q is the demand.

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Q: The demand function for a certain product is given by 1000 p = 500 + q + 1 where p is the price and…

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A: So, when p=$100 the demand will be 600 units. So, when p=$100 the supply will be 300 units.

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A: First find Revenue function from given demand function than take derivative.

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A: We will find the revenue as following.

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A: Step:- 1 Average cost A(q) =variable cost quantity=C(q)q------ (1) Given that C(q)=64.5q+11600---(2)…

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Q: The demand function for a certain product is given by 1000 p = 500 + q + 1 where p is the price and…

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