A particular item in the Picasso Paints product line costs $7 each to manufacture. The fixed costs are $28,000. The demand function is q = -500p + 30,000 where q is the quantity the public will buy at a given price, p. 1) Write the expense function in terms of p. 2) How much profit would the firm make if the price was $12? 3) What is the revenue equation?

Q: Q=0, P=220; Q=2, P=200; Q=4, P=180; Q=6, P=160; Q-8, P=140; Q=10; P=120; Q=12, P=100.  a)  Based on…

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