   Chapter 2.1, Problem 61E Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203

Solutions

Chapter
Section Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203
Textbook Problem

If the revenue function for a particular commodity is R ( p ) = − 50 p 2 + 60 p , what is the (linear) demand function? Give a reason for your answer.

To determine

To calculate: The linear demand function, if the revenue function for a particular commodity is,

R(p)=50p2+60p also give the reason for the answer.

Explanation

Given Information:

The revenue function for a particular commodity is,

R(p)=50p2+60p

Formula used:

The relationship between Revenue and Demand is,

Revenue=(Price)(Demand)R(p)=(p)(q)

Calculation:

Consider the given Revenue equation,

R(p)=50p2+60p

The relationship between Revenue and Demand is,

Revenue=(Price)(Demand)R(p)=(p)(q)

The relationship can be modified as follows,

Demand=RevenuePrice

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