## Related questions with answers

Question

If the revenue function for a particular commodity is $R(p)=-50 p^{2}+60 p$, what is the (linear) demand function? Give a reason for your answer.

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 3Revenue is defined as $R=pq$.

Factoring out $p$ from the expression for R

$\begin{align*} R&= -50p^{2}+60p\\ R&=p\cdot\underbrace{(-50p+60) }_{q} \end{align*}$

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