Find the price function and then the {eq}TR {/eq} function of {eq}\; STC = 20,000 + 200Q - 9Q^2 + \frac{1}{3}Q^3 {/eq}.
Question:
Find the price function and then the {eq}TR {/eq} function of {eq}\; STC = 20,000 + 200Q - 9Q^2 + \frac{1}{3}Q^3 {/eq}.
International Market:
The transactions that occur beyond the domestic boundaries of the country, within two or more countries are known as the international transactions. The platform that provides international transactions is known as the international market.
Answer and Explanation: 1
Assuming the demand function be:
{eq}Q = 350 - 0.25P {/eq}
The price function and the marginal revenue function will be:
{eq}\begin{array}{l} P = 4\left( {350 - Q} \right)\\ P = 1400 - 4Q\\ TR = PQ\\ TR = Q\left( {1400 - 4Q} \right) \end{array} {/eq}
{eq}\begin{array}{l} TR = 1400Q - 4{Q^2}\\ MR = 1400 - 8Q \end{array} {/eq}
Thus the price and the total revenue functions are derived.
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