Answers to Business Calculus Project
Find the Revenue Function:
Let p be the price per hamburger and q be the number of hamburgers sold
Revenue = (unit price) x (quantity sold)
(40,000, 1.00) (20,000, 2.00)
(q, p) y = mx+b
slope = 1.00-2.00 = -1
40,000-20,000 20,000
1.00 = (-1/20,000)(40,000) + b
1.00 = -2 + b
+2 +2
3 = b
y = (-1/20,000)x + 3
p = (-1/20,000)q +3 This is the demand equation
Revenue = q((-1/20,000)q + 3)
Revenue(q) = (-1/20,000)q^2 + 3q This is the...
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