Write the Word or Phrase That Best Completes Each Statement $\mathrm { p }$

question 203

Essay

Write the word or phrase that best completes each statement or answers the question.
-The price $\mathrm { p }$ and $\mathrm { x }$ , the quantity of a certain product sold, obey the demand equation
$$p = - \frac { 1 } { 10 } x + 100 , \{ x \mid 0 \leq x \leq 1000 \}$$
a) Express the revenue $R$ as a function of $x$ .
b) What is the revenue if 450 units are sold?
c) Graph the revenue function using a graphing utility.
d) What quantity $x$ maximizes revenue? What is the maximum revenue?
e) What price should the company charge to maximize revenue?

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Definitions:

Sherman Act

A landmark federal statute in the antitrust law of the United States, passed in 1890, which prohibits certain business activities that federal government regulators deem to be anti-competitive.

Alcoa Case

A 1945 case in which the courts ruled that the possession of monopoly power, no matter how reasonably that power had been used, was a violation of the antitrust laws; temporarily overturned the rule of reason applied in the U.S. Steel case.

Monopoly Structure

A market form where a single firm controls the entire market for a product or service, with no close substitutes.

Treble Damages

A legal principle allowing a court to triple the amount of the actual/compensatory damages to be awarded to a plaintiff.