Question

please answer this,
* The demand function of a product is
q = 7000 - 50p , where 'p' is the price.
The cost function is given by,
C=2000+25q. At what price is
the break-even product attained?
​

Answer 1

Step-by-step explanation:

The inverse demand function can be used to derive the total and marginal revenue functions. 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.