I'd say revenue = price * demand
If the 2nd equation is the demand function, then we have
p = (22x+978)/484
revenue would thus be
R(x) = p*x = x(22x+978)/484
Not sure why the supply curve is given. Doesn't matter how many widgets you can dump on the market if no one wants them.
Am I off base here?
You are given a pair of equations, one representing a supply curve and the other representing a demand curve, where p is the unit price for x items.
466p+90x−2390=0
and
484p−22x−978=0
Determine the revenue function. Revenue function R(x)=?
I got (-90x/466) + (2390x/466), but apparently that is wrong...
2 answers
Actually I think you used the wrong function. The 1st one is the demand, not the second.