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The relationship d = 5000 – 25p describes what happens to demand (d) as price (p) varies. Here, price can vary between $10 and $50.
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Check My Assignment!a. How many units can be sold at the $10 price? How many can be sold at the $50 price?
b. Model the expression for total revenue.
c. Consider prices of $20, $30, and $40. Which price alternative will maximize total revenue? What are the values for demand and revenue at this price?
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Solution Preview
d = 5000 – 25p
This equation describes the relationship between price and demand.
(a) How many units can be sold at the $10 price?
If the price, p = $10, then demand,
d = 5000 – 25(10) = 4750
How many can be sold at the …
