Given the demand function Q_X = 5,000 - 250P_X +120P_Y +.04I where P_Y= $50.00 and I = $60,000, the total revenue equation is:
TR = 53.6Q_X - .004Q_X².

Name: Given the demand function Q X = 5,000 - 250P X +120P Y +.04I where P Y = $50.00 and I = $60,000, the total revenue equation is: TR = 53.6Q X - .004Q X 2 .
Brand: Quizplus
Rating: 4.7 (55 reviews)

Question

Given the demand function Q_X = 5,000 - 250P_X +120P_Y +.04I where P_Y= $50.00 and I = $60,000, the total revenue equation is: TR = 53.6Q_X - .004Q_X².

Quizplus · Accepted Answer

The given total revenue equation is correct. It can be derived by multiplying the demand function by the price, which is 50.00 in this case.

Given the Demand Function QX = 5,000 - 250PX +120PY

Given the Demand Function Q_X = 5,000 - 250P_X +120P_Y