The demand function for a good is p = 42 – 0.01q. Round your numeric answers to one decimal place. a) Write the revenue as a function of production, q. R(q) = b) What production level maximizes revenue? c) What price corresponds to this production level? price = $ d) What is the total revenue at this production level? revenue = $
The demand function for a good is p = 42 – 0.01q. Round your numeric answers to one decimal place. a) Write the revenue as a function of production, q. R(q) = b) What production level maximizes revenue? c) What price corresponds to this production level? price = $ d) What is the total revenue at this production level? revenue = $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The demand function for a good is p = 42 – 0.01g. Round your numeric answers to one decimal place.
a) Write the revenue as a function of production, q.
R(q) =
b) What production level maximizes revenue?
q =
c) What price corresponds to this production level?
price = $
d) What is the total revenue at this production level?
revenue = $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0abc19b-f874-46f8-b812-fc47f35bb6d8%2Faa31e87c-d52a-48c1-8ad9-c30779c33d1b%2F46l5mgm_processed.png&w=3840&q=75)
Transcribed Image Text:The demand function for a good is p = 42 – 0.01g. Round your numeric answers to one decimal place.
a) Write the revenue as a function of production, q.
R(q) =
b) What production level maximizes revenue?
q =
c) What price corresponds to this production level?
price = $
d) What is the total revenue at this production level?
revenue = $
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