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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. |
$R(p)=\frac{24-2p}{3}$ $R(p)=24p−2p^2$ $R(p)=\frac{24p-2p^2}{3}$ $R(p)=8p−\frac{2}{3}p^2$ |
$R(p)=8p−\frac{2}{3}p^2$ |
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 $R = px = p ×\frac{24-2p}{3}$ $⇒ R = 8p - \frac{2}{3} p^2$. |
