price- demand function


by c19dale
Tags: demand, function, price
c19dale
c19dale is offline
#1
Dec15-04, 03:09 PM
P: 10
I have two problems left that are giving me trouble.

here is the first.
If the marginal revenue(in dollars per unit) for producing x units of a product is given by MR= -0.2x^2 + 3.5x + 17.4 and R(0)=0, find the price demand function p for the product.

If some one could just get me started on the right step, that would be great.
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Andrew Mason
Andrew Mason is offline
#2
Dec15-04, 07:10 PM
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Quote Quote by c19dale
I have two problems left that are giving me trouble.

here is the first.
If the marginal revenue(in dollars per unit) for producing x units of a product is given by MR= -0.2x^2 + 3.5x + 17.4 and R(0)=0, find the price demand function p for the product.

If some one could just get me started on the right step, that would be great.
Generally speaking, there aren't alot of economists here, so you will have to explain what the price demand function is. I assume it is some kind of decreasing function (as price increases, demand decreases and vice versa). Is it linear? What is the function R(x)?

AM


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