A company finds that if it charges x dollars for a cell phone, it can expect to sell 1,000-2x phones. The company uses the function r defined by r(x)=x times (1,000-2x)to model the expected revenue, in dollars, from selling cell phones at x dollars each.
Here is the link to the graph
At what price should the company sell their phones to get maximum revenue? Explain your reasoning.
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Hi buddy
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How do you interpret a demand function?
The information from the demand function can be plotted as a simple graph with quantity demanded on x-axis and price on y-axis. This is called a demand curve. A point on the demand curve can be interpreted as follows: Maximum amount of a good that will be purchased for a given price.
How do you find the demand function from a revenue function?
Total revenue equals price, P, times quantity, Q, or TR = P×Q. Multiply the inverse demand function by Q to derive the total revenue function: TR = (120 - . 5Q) × Q = 120Q - 0.5Q².
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