The demand function is $x = \frac{24-2p}{3}$, where x is the number of units demanded and p is the price per unit. Find the revenue function R in terms of p.
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → $R(p)=8p−\frac{2}{3}p^2$
The demand function is $x =\frac{24-2p}{3}$
Revenue function $R = px = p ×\frac{24-2p}{3}$
$⇒ R = 8p - \frac{2}{3} p^2$.