The price p (in dollars) and the quantity x sold of a certain product satisfy the demand equation x = -9p+900. Answer parts (a) through(9).(a) Find a model that expresses the revenue R as a function of p. (Remember, R = xp.)R(p)=(Simplify your answer. Use integers or decimals for any numbers in the expression.)(b) What is the domain of R? Assume that R is nonnegative.OA. The domain is (p1 sps.(Simplify your answers. Type integers or decimals.)B. The domain is the set of all real numbers.(c) What price p maximizes revenue?(d) What is the maximum revenue?R=$(Simplify your answer. Type an integer or a decimal.)(e) How many units are sold at this price?X=(Simplify your answer. Type an integer or a decimal.)(f) Graph R. Choose the correct graph below.О А.23000110QB.AR23000110C.AR23000(g) What price should the company charge to earn at least $18,144 in revenue?110QOD.23000RC110

Given Demand equation: x=-9p+900 ..... (1) We have to find revenue function as…

Answered: The price p (in dollars) and the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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K Given the function below, complete parts (a) through (c). q=D(x) = k +7 where k is a positive constant and n is an integer greater than 0. (a) Find the elasticity of the demand function. (b) is the value of the elasticity dependent on the price per unit? (c) Does the total revenue have a maximum? When? (a) E(x) = (Simplify your answer.) 1000
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Subpart 1-3
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300 For the demand function q = D(x) = , find the following. a) The elasticity b) The elasticity at x = 3, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars) a) Find the equation for elasticity. E(x) =O

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