17) Find the price p that maximizes revenue if the demand is given by the function...

Question

Question

17) Find the price p that maximizes revenue if the demand is given by the function q(p) = 500 - 5p

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

10 = 500-5P RP) = pq@ – 500P-5p² RP) = 500 - lop R80 to find maging ..) 500-80p co - p 50 R(56) = PSODO -1R500 = 12500 9(50) pls like

Add a comment

Answer 2

Similar Homework Help Questions

Given the demand function is Q = 180-5P, find the following: a. The revenue function b....

Given the demand function is Q = 180-5P, find the following: a. The revenue function b. The revenue maximizing output and price c. The own-price elasticity ofdem and at P = $80 own-price elasticity of demand (En) is equal to one, in absolute value. What is the nature of total revenue when lepl 1?
12. Given the demand function is Q 180 5P, find the following: a The revenue finction...

12. Given the demand function is Q 180 5P, find the following: a The revenue finction b. The revnue maximizing output and price c. The own-price elasticity of demand at P $80 d. The level ofe and P where the own-price elasticity of demand (ED) is equal to one, in absolute value. What is the nature of total revenue when lEDl 1? 13. Assume that the demand function is Q demand at each of the following prices a. b. $7...
Demand function: P=20-Q Total Cost function: C=Q22 +8Q+2 1. What output maximizes total profit? What are...

Demand function: P=20-Q Total Cost function: C=Q22 +8Q+2 1. What output maximizes total profit? What are the corresponding values of price, profit, and total revenue (sales)? 2. What output maximizes sales, and what are the corresponding values of price, profit, and total revenue?

2. Under what conditions can the law of demand be violated (however theoretical)? 23 - 100...

2. Under what conditions can the law of demand be violated (however theoretical)? 23 - 100 8. The demand for gym memberships is given by 40 = 500 - 5p 500-50 a. Write the inverse demand function. b. Calculate the price elasticity of demand at a price of $80. Is this relatively elastic or relatively inelastic c. What is the total revenue at a price of $807 d. Calculate the price elasticity of demand at a price of $10. Is...
The demand function for a Christmas music CD is given by q=D(p)=0.25(225−p2) where qq (measured in...

The demand function for a Christmas music CD is given by q=D(p)=0.25(225−p2) where qq (measured in units of a hundred) is the quantity demanded per week and pp is the unit price in dollars. (a) Find the elasticity function E(p)= (b) Evaluate the elasticity at 10. E(10)= (c) Should the unit price be lowered slightly from 10 in order to increase revenue? ? yes no (d) Use the elasticity of demand to find the price which maximizes revenue for this product. p= dollars...
Given the demand curve P = 400 - 20Q, what level of output maximizes Total Revenue?

Given the demand curve P = 400 - 20Q, what level of output maximizes Total Revenue?

The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of...

The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of the product, in dollars, and q is the quantity demanded. (a) Find the elasticity function: E(p)= (b) Evaluate the elasticity at 5. E(5)= (c) Should the unit price be raised slightly from 5 in order to increase revenue? ? yes no (d) Use the elasticity of demand to find the price pp which maximizes revenue for this product. p=p= Round to three decimal places as needed.
1) Given the following demand function Q=8.5-p+0.1y a) Derive a formular for the price elasticity of...

1) Given the following demand function Q=8.5-p+0.1y a) Derive a formular for the price elasticity of demand and income elasticity of demand. b) find the elasticity if p=6 and y=1000 c) what will happen to price elasticity of demand if income varies. d) what will happen to income elasticity of demand if income varies. e) derive the total revenue function. show that the relationship between price and revenue depends on elasticity (Assume y = 0).
Q9. The demand for widgets (Q) is given by the following equation Q 500 - 100 P. -50P, - 150 A, + 200A the price o...

Q9. The demand for widgets (Q) is given by the following equation Q 500 - 100 P. -50P, - 150 A, + 200A the price of widgets, currently at 25 P, the price of woozles, currently at 20 A,-Advertising on woozles currently at 10. A,-Advertising for widgets currently at 30 The cost per widget is currently 20 and the manufacturer where P behaves as a monopolist (a) What are current profits equal to? (b) Calculate the elasticity of demand for...

For the following demand function, find a. E, and b. the values of q (if any) at which total revenue is maximized. q 36...

For the following demand function, find a. E, and b. the values of q (if any) at which total revenue is maximized. q 36,400-8p2 a. Determine the elasticity of demand, E E (Type expression using p as the variable.) = an b. Determine the value of q that maximizes the revenue. Select the correct choice below, and if necessary, fill in the answer box within your choice. O A. Total revenue is maximized at about q (Round to the nearest...

17) Find the price p that maximizes revenue if the demand is given by the function...

Homework Answers

Add Answer to:
17) Find the price p that maximizes revenue if the demand is given by the function...

Post as a guest

Earn Coins

Given the demand function is Q = 180-5P, find the following: a. The revenue function b....

12. Given the demand function is Q 180 5P, find the following: a The revenue finction...

Demand function: P=20-Q Total Cost function: C=Q22 +8Q+2 1. What output maximizes total profit? What are...

2. Under what conditions can the law of demand be violated (however theoretical)? 23 - 100...

The demand function for a Christmas music CD is given by q=D(p)=0.25(225−p2) where qq (measured in...

Given the demand curve P = 400 - 20Q, what level of output maximizes Total Revenue?

The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of...

1) Given the following demand function Q=8.5-p+0.1y a) Derive a formular for the price elasticity of...

Q9. The demand for widgets (Q) is given by the following equation Q 500 - 100 P. -50P, - 150 A, + 200A the price o...

For the following demand function, find a. E, and b. the values of q (if any) at which total revenue is maximized. q 36...

17) Find the price p that maximizes revenue if the demand is given by the function...

Homework Answers

Add Answer to: 17) Find the price p that maximizes revenue if the demand is given by the function...

Post as a guest

Earn Coins

Add Answer to:
17) Find the price p that maximizes revenue if the demand is given by the function...