Explanation Given information: The demand curve for a product is given by p = b + m q , where p is the price of the product and q is the quantity that consumers buy at this price and, b and m are constants. Formula used: Revenue is equal to the number of units sold times the price per unit. ⇒ R ( q ) = p × q Calculation: p = b + m q &em To determine (b) To find: The marginal revenue function.

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 3.1, Problem 79P

To determine

(a)

To write:

The revenue as a function of quantity sold.

To determine

(b)

To find:

The marginal revenue function.

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Chapter 3.1, Problem 78P

Chapter 3.2, Problem 1P

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(a) To write: The revenue as a function of quantity sold.

Solution Summary: The author explains the revenue as a function of quantity sold. Revenue is equal to the number of units sold times the price per unit.