The marketing research department of a large manufacturing company has determined that the demand equations for two major items it produces are given by p 2,000-5x+8y and q= 4,000 + 9x-7y where p is the price of item A, q is the priceof item B, x is the monthly demand for item A, and y is the monthly demand for item B. Find the total monthly revenue from items A and B when x = 15 and y = 5.A. $29,415B. $49,975C. $20,565D. $50,195

The two demand equations are: p=2000-5x+8y--------------1 q=4000+9x-7y--------------2 p=Price of…

Answered: The marketing research department of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problem 4. The price is a function of demand given as p(q) = 2.5 ln(300). Use the elasticity function to find the price for this product that generates the highest revenue.
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