The manager of a bicycle shop has found that, at a price (in Rands) of p(x) = 150 –x/4 per bicycle, x bicycles will be sold . Answer the following: • Find an expression for the total revenue from the sale of x bicycles. (Hint: Revenue = Demand *Price. ) • Find the expression for the quantity to be sold q if the demand function demand is given by p = -10q + 3200 • What is the number of bicycles x, sold if the price is R40

The manager of a bicycle shop has found that, at a price (in Rands) of p(x) = 150 –x/4 per bicycle, x bicycles will be sold . Answer the following: • Find an expression for the total revenue from the sale of x bicycles. (Hint: Revenue = Demand *Price. ) • Find the expression for the quantity to be sold q if the demand function demand is given by p = -10q + 3200 • What is the number of bicycles x, sold if the price is R40

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section6.1: Elasticity: Part 1

Problem 4ST

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