Your self-published book of poetry has demand curves between p=50,000/q^2 and p=60,000/q^2. You expect to sell between 35 and 75 copies. What is the average of all the possible revenues you can make?
Added by Joaquin V.
Step 1
For the demand curve p=50,000/q^2: - At q=35, p=50,000/35^2 = 50,000/1225 ≈ 40.82 - Revenue = price * quantity = 40.82 * 35 ≈ 1,428.70 - At q=75, p=50,000/75^2 = 50,000/5625 ≈ 8.89 - Revenue = price * quantity = 8.89 * 75 ≈ 666.75 For the demand curve Show more…
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