Question

The demand function Q and cost function C(Q) of a commodity are given by the equations \[ Q = 20 - 0{,}01P\]

Answer 1

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

How to determine the total revenue?

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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