Insert the following demand function ton to the basic Revenue equation and email me your result.
q = -350p + 22,000
To insert the demand function (q = -350p + 22,000) into the basic revenue equation, we first need to recall the revenue equation, which is given by:
Revenue = Price × Quantity (R = p * q)
So, to insert the demand function, we substitute the value of quantity (q) from the demand equation into the revenue equation:
R = p * (-350p + 22,000)
Now, we can simplify this equation by distributing the p:
R = -350p^2 + 22,000p
After combining like terms, the revenue equation becomes:
R = -350p^2 + 22,000p
Now you can use this equation to calculate the revenue at different price levels. Please note that in order to provide you with the specific result, you need to specify the price at which you would like to calculate the revenue.