If the revenue function for a particular commodity is R(p) = −53p2 + 64p, what is the (linear) demand function q(p)?
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Answer:
Step-by-step explanation:
<u>Functions</u>
In a function, an independent variable, let's call it x is related to a dependent variable y and it can be expressed as:
y = f(x)
Let's consider the functions given in the question, where the equation that represents a company's yearly sales is:
And the equation that represents the same company's yearly expenses is:
The company's profit function P(x) can be found as the difference between S(x) and E(x), thus:
Operating:
Simplifying, the profit function for this company is: