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Question 1
Consider the demand function:
Q = -3p2 + 2p + 1970
=
where q = quantity, p = price
1
a) Find Total Revenue as a function of p.
(Hint: Do not attempt to find Total Revenue as a function of q, as to do so
requires use of the inverse demand function which is difficult to find in this case.

Respuesta :

Given:

The demand function is,

[tex]Q=-3p^2+2p+1970[/tex]

The total revenue function is,

[tex]\begin{gathered} TR=p\times Q \\ TR=p\times(-3p^2+2p+1970) \\ TR=-3p^3+2p^2+1970p \end{gathered}[/tex]

Answer:

[tex]TR=-3p^3+2p^2+1970p[/tex]

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