Demand (sales) for a certain type of toy is found to be D(p) = 400 - 60p toys per week at the unit price $p. At this price, suppliers are willing to produce S(p) = 10p^2 toys per week.
Find dR/dp at the equilibrium price.
I'm not sure if I'm doing it right, but I set D(p)=S(p), to get one function.
p^2 + 6p - 40, then I took the derivative of that, to get.
2p + 6.
Or do I use R = xp to get a revenue function?
R = x(demand functioin)
= x(400 - 60p)
But the problem is that I have both x and p... then how is the revenue function going to work? For a demand function... isn't x usually the quantity, not p?
:shock:
Find dR/dp at the equilibrium price.
I'm not sure if I'm doing it right, but I set D(p)=S(p), to get one function.
p^2 + 6p - 40, then I took the derivative of that, to get.
2p + 6.
Or do I use R = xp to get a revenue function?
R = x(demand functioin)
= x(400 - 60p)
But the problem is that I have both x and p... then how is the revenue function going to work? For a demand function... isn't x usually the quantity, not p?
:shock:
