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Author Question: The relationship d = 5000 25p describes what happens to demand (d) as price (p) varies. Here, price ... (Read 122 times)

Davideckstein7

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on: Jun 24, 2018
The relationship d = 5000  25p describes what happens to demand (d) as price (p) varies. Here, price can vary between 10 and 50.
 a. How many units can be sold at the 10 price? How many can be sold at the 50 price?
  b. Model the expression for total revenue.
  c. Consider prices of 20, 30, and 40 . Which of these three price alternative will maximize total revenue? What are the values for demand and revenue at this price?

Question 2

The sampling distribution for a goodness of fit test is the
 a. Poisson distribution
  b. t distribution
  c. normal distribution
  d. chi-square distribution


Chocorrol77

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. For p = 10, d = 4750
For p = 50, d = 3750
b. TR = p(5000  25p)
c. For p = 20, d = 4500, TR = 90,000
For p = 30, d = 4250, TR = 127,500
For p = 40, d = 4000, TR = 160,000 (maximum total revenue)

Answer to Question 2

D


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