Question

the demand function 𝑄(𝑃) and cost functions 𝐶(𝑄) of a commodity are given by the equations:

𝑄=12000−60𝑃

𝐶(𝑄)=10000+4𝑄,

where 𝑃 and 𝑄 are the price and quantity, respectively. 

The total revenue function 𝑇𝑅 in terms of 𝑃 is:

a.

𝑇𝑅=12 000−60𝑃.

b.

𝑇𝑅=𝑃(12 000−60𝑃2).

c.

𝑇𝑅=12 000𝑃−60𝑃2.

d.

𝑇𝑅=12 000+60𝑃2.

Answer 1

c. TR=12000P-60P²