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    Demand Equation: Example Problem

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    The price p and the quanity x sold of a product obey the demand equation
    x = -20p + 500, 0<P<25

    a. Express the revenue R as a function of X
    b. What is the revenue if 20 units are sold?
    c. What quantity x maximizes revenue? What is the maximum revenue?
    d. What price should the company charge to maximize revenue?

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    https://brainmass.com/economics/demand-supply/demand-equation-example-problem-42084

    Solution Preview

    The price pand the quanity x sold of a product obey the demand equation

    x = -20p + 500, 0<P<25

    a. Express the revenue R as a function of X
    Total ...

    Solution Summary

    Provides steps necessary to answer each of the given questions.

    $2.49

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