   Chapter 10.3, Problem 3CP ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

#### Solutions

Chapter
Section ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

# (a) If p =   5000   − x gives the demand function in a monopoly market, find R ( x ) , if it is possible with this information.(b) If p =   5000   − x gives the demand function in a competitive market, find R ( x ) , if it is possible with this information.

(a)

To determine

To calculate: The R(x) if it possible with this information if p gives the demand function in a monopoly market.

Explanation

Given Information:

The provided information is:

p=5000x

Formula Used:

The formula to find revenue function,

R(x)=px

Where x is quality sold and p is market equilibrium price for the product.

Calculation:

The provided information is:

If p=5000x gives the demand function in a monopoly market

(b)

To determine

To calculate: The R(x) if it possible with this information if p the demand function in a competitive market

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