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?
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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
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