For the demand equation, express the total revenue R as a function of the price p per item.q=-5p+1000R(p) =Sketch the graph of the resulting function.ONoSolutionHelp2090000800007000060000500004000030000200061000020 40 60 50 100 120 140 160 180 200 220 240 260 280-1/000+451WebAssign. Graphing ToolDetermine the price p (in dollars) that maximizes total revenue.p = $Graph LayersAfter you add an object to the graph youcan use Graph Layers to view and edit itsproperties.

We have given the following demand equation. q = -5p + 1000 where q is the quantity demanded. p is…

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For the demand equation, express the total revenue R as a function of the price p per item. q=-5p+1000 R(P) = Sketch the graph of the resulting function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

For the demand equation, express the total revenue R as a function of the price p per item.
q=-5p+1000
R(p) =
Sketch the graph of the resulting function.
O
No
Solution
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20
90000
80000
70000
60000
50000
40000
30000
20006
10000
20 40 60 50 100 120 140 160 180 200 220 240 260 280
-1/000+4
51
WebAssign. Graphing Tool
Determine the price p (in dollars) that maximizes total revenue.
p = $
Graph Layers
After you add an object to the graph you
can use Graph Layers to view and edit its
properties.

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