The total revenue of the function is the product of the quantity and the price
The total revenue in terms of P is TR = 20P - 0.01P^2
<h3>How to determine the total revenue?</h3>
The demand and the cost functions are given as:
Quantity function, Q = 20 - 0.01P
Cost function, C(Q)=60+6Q
The total revenue is calculated as:
TR = Q * P
Substitute Q = 20 - 0.01P in the above equation
TR = P * [20 - 0.01P]
Evaluate the product
TR = 20P - 0.01P^2
Hence, the total revenue in terms of P is TR = 20P - 0.01P^2
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