The Demand Equation for a Product Is $p = 40 - 0.0008 x$

question 44

Multiple Choice

The demand equation for a product is $p = 40 - 0.0008 x$ where $p$ is the price per unit and $x$ is the number of units sold. The total revenue $R$ for selling $x$ units is given by $R = x p.$ How many units must be sold to produce a revenue of $200,000?

• A)5635 units or 54,580 units
• B)44,365 units or 74,090 units
• C)4580 units or 74,090 units
• D)5635 units or 44,365 units
• E)5635 units or 74,090 units

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which each unit is identical to every other unit.

Coconuts

Tropical fruits or nuts known for their water, milk, oil, and meat, and often used as examples in economic models.

Fish

Aquatic vertebrates that are typically covered with scales and equipped with fins for swimming.

Workbook Problems

Exercises or tasks within a workbook designed to practice or test knowledge on a specific subject.