The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = -9p+900. Answer parts (a) through(9).(a) Find a model that expresses the revenue R as a function of p. (Remember, R = xp.)R(p)=(Simplify your answer. Use integers or decimals for any numbers in the expression.)(b) What is the domain of R? Assume that R is nonnegative.OA. The domain is (p1 sps.(Simplify your answers. Type integers or decimals.)B. The domain is the set of all real numbers.(c) What price p maximizes revenue?(d) What is the maximum revenue?R=$(Simplify your answer. Type an integer or a decimal.)(e) How many units are sold at this price?X=(Simplify your answer. Type an integer or a decimal.)(f) Graph R. Choose the correct graph below.О А.23000110QB.AR23000110C.AR23000(g) What price should the company charge to earn at least $18,144 in revenue?110QOD.23000RC110

Given Demand equation: x=-9p+900 ..... (1) We have to find revenue function as…

Answered: The price p (in dollars) and the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the image please find: a. Find the total revenue function, using the fact that there is no revenue when no units are sold. R= b. Find the demand function, using the relation between price, demand, and revenue. P=
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Tutorial Exercise Worldwide annual sales of smartphones in over a 5 year period were projected to be approximately q = −10p + 4,540 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) In one particular year the actual selling price was $277 per phone. What was the corresponding price elasticity of demand? Interpret your answer. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10 million, would have been the resulting annual revenue? Step 1 (a)Obtain a formula for the price elasticity of demand E. Recall that the price elasticity of demand E is the percentage rate of decrease of demand divided by the percentage increase of price, given by the formula. E = − dq dp · p q We are already given the formula q = −10p + 4,540 for the demand of smartphones (in millions). First, we find the derivative…
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In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p +6g = 180 at (q, p) = (15,90). 90 (b) How will a price increase affect total revenue? Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. O Since the demand is inelastic, an increase in price will increase the total revenue. X

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