The demand law for a certain commodity is given by p 1000 15x, 0 < x < 25. What is the price per unit and the total revenue from the sale of (a) 2 units, (b) 5 units, (c) 10 units ?
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Answer:
The demand law for a certain commodity is given by p 1000 15x, 0 < x < 25. What is the price per unit and the total revenue from the sale of (C) 10Units.
Price per unit is 966 and total revenue is 1932 from the sale of 2 units for the demand function p = 1000-15x-x²
Given : The demand function for a certain commodity is given by
p = 1000-15x-x^2. (0<x<25.)
To Find : the price per unit and the total revenue from the sale of
a) 2 unit
(b) 5 units,
(c) 10 units
Solution:
demand function
p = 1000-15x-x^2. (0<x<25.)
p is the unit price for sale of x unit
Sale of 2 units
=> x= 2
Substitute x = 2 in demand function
=> p = 1000 - 15(2) - 2²
=> p = 1000 - 30 - 4
=> p = 966
Price per unit = 966
Total Revenue = 966 (2) = 1932
Similarly for 5 units
p = 1000 - 15(5) - 5² = 900
Revenue = 900 * 5 = 4500
Similarly for 10 units
p = 1000 - 15(10) - 10² = 750
Revenue = 750 * 10 = 7500
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