Posted by Soroban on September 03, 2002 at 23:45:37:
In Reply to: Price-Demand posted by Carol on September 03, 2002 at 16:00:22:
: Given the price-demand function:
: p(x) = 1500 - 20x 1 = x = 30
: a) Give the companies revenue....
: I'm lost...I believe x is the price per item....is 1500 the # of items sold?
Can you find a reference in your textbook?
I would guess that p(x) is the price per item (just from the "p")
and that x is the number of items.
If that's true, then Revenue is: R(x) = x*p(x).
Get it? ("Number of apples" times "Price per apple")
Don't be insulted - sometimes "baby talk" makes things clearer. (Works for me!)
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