Given the demand function Q_X = 5,000 - 250P_X +120P_Y +.04I where P_Y= $50.00 and I = $60,000, the maximum total revenue that can be attained is $118,240.

Name: Given the demand function Q X = 5,000 - 250P X +120P Y +.04I where P Y = $50.00 and I = $60,000, the maximum total revenue that can be attained is $118,240.
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Question

Quizplus · Accepted Answer

The demand function is not enough information to determine the maximum total revenue that can be attained. It depends on the price that is set.

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

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