Question

Worldwide annual sales of a product in 2013–2017 were projected to be approximately q = −10p + 4,700 million units at a selling price of $p per unit. Find the function R for projected revenue, in millions of dollars and in terms of p only, subject to any constraints.

Answer 1

The revenue function is given by R = -10p² + 4700p

Revenue is the total amount of money made from selling a particular unit of products while cost is the amount of money spent in production.

Given an annual sales (q) as:

q = (−10p + 4,700) million units.

The selling price is $p per unit. Hence:

Revenue = per unit price * annual sales

Revenue = p * (−10p + 4,700)

Revenue (R) = -10p² + 4700p

The revenue function is given by R = -10p² + 4700p

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