Posted: September 26th, 2016
The relationship d = 5000 – 25p describes what happens to demand (d) as price (p) varies. Here, price can vary between $10 and $50.
The relationship d = 5000 – 25p describes what happens to demand (d) as price (p) varies. Here, price can vary between $10 and $50.
a. How many units can be sold at the $10 price? How many can be sold at the $50 price?
b. Model the expression for total revenue.
c. Consider prices of $20, $30, and $40. Which price alternative will maximize total revenue? What are the values for demand and revenue at this price?
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