Suppose a dog house manufacturer sells two types of dog houses. Let x represent the demand for the deluxe dog house, in thousands, and y represent the demand for the regular dog house, in thousands. If th price-demand functions for the two dog houses respectively are P₁ = 8.3 -0.5x - 0.2y P₂ = 7 — 0.1x – 0.8y a) What is the equation of the revenue function ? R(x,y)= b) What is the revenue when the demand for deluxe dog houses is 8 and regular dog houses is 9?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Please circle the answer so that I can understand. Specify each part to which answer it is related. If you write by hand, please write clearly so that I can understand. I appreciate your cooperation. Please answer the question. Please be careful in your answer and there are many times you answer wrongly.

Suppose a dog house manufacturer sells two types of dog houses. Let x represent the demand for the
deluxe dog house, in thousands, and y represent the demand for the regular dog house, in thousands. If the
price-demand functions for the two dog houses respectively are
P₁ = 8.3 -0.5x – 0.2y
P₂ = 70.1x - 0.8y
a) What is the equation of the revenue function ? R(x,y)=
b) What is the revenue when the demand for deluxe dog houses is 8 and regular dog houses is 9?
thousand dollars
Transcribed Image Text:Suppose a dog house manufacturer sells two types of dog houses. Let x represent the demand for the deluxe dog house, in thousands, and y represent the demand for the regular dog house, in thousands. If the price-demand functions for the two dog houses respectively are P₁ = 8.3 -0.5x – 0.2y P₂ = 70.1x - 0.8y a) What is the equation of the revenue function ? R(x,y)= b) What is the revenue when the demand for deluxe dog houses is 8 and regular dog houses is 9? thousand dollars
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Fundraising
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education