The demand function for Florida Orange Juice follows: Q=20,000-10,000 PJ + 20,000 Ps + 2,000 1 + 500 T Where: Pjis avera

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The Demand Function For Florida Orange Juice Follows Q 20 000 10 000 Pj 20 000 Ps 2 000 1 500 T Where Pjis Avera 1 (50.25 KiB) Viewed 59 times

The demand function for Florida Orange Juice follows: Q=20,000-10,000 PJ + 20,000 Ps + 2,000 1 + 500 T Where: Pjis average price of orange juice in dollars, expected value is $2.85. Ps is average price of canned soda in dollars, expected value is $1.45. is the average income level in thousands of dollars, expected value is $56,000. T is the average daily high temperature in degrees, expected value is 84 degrees. 1. Derive the demand curve for orange juice. 2. Derive the inverse demand curve and total revenue function. 3. Maximize total revenue. Determine the quantity, price, and total revenue.