Total revenue in Exercise 1 can be stated in terms of either price p or den total revenue as a function of q rather than

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Total revenue in Exercise 1 can be stated in terms of either price p or den
total revenue as a function of q rather than p. That is, determine the fun
(Hint: Solve for p in the demand function and multiply this expression
5 In Exercise 2, restate the function for total revenue as a function of q. (Se
a hint.)
6 In Exercise 3, restate the total revenue function as a function of q.
7 The supply function q, = f(p) for a product is quadratic. Three points w
function are (30, 1,500), (40, 3,600), and (50, 6,300).
(a) Determine the equation for the supply function.
(b) Make any observations you can about the restricted domain of the
(c) Compute and interpret the p intercept.
(d) What quantity will be supplied at a price of $60?
8 The supply function q, = /(p) for a product is quadratic. Three points w
supply function are (60, 2,750), (70, 6,000), and (80, 9,750).
(a) Determine the equation for the function.
(b) Make any observations you can about the restricted domain of the
(c) Compute and interpret the p intercept.
(d) What quantity will be supplied at a price of $75?