(Answered) Question a firm finds that the demand for its product can

Statistics

Question: A firm finds that the demand for its product can be represented mathematically as:

Q_d = 1000 - 5P

where Qd is the number of units of the product demanded by customers and P is the selling price.

(a) Construct a graph for a price between 0 and 200.

(b) Comment on the shape of the graph. Why does the line slope downwards?

(d) Draw a graph of this revenue equation.

(e) What price should the firm charge in order to maximise revenue?

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