0:00
Ah, yes.
00:01
So we're given here our price demand equation.
00:03
So for part a, while we just have that demand as a function of price, so we have 0 .02x plus p equals 60, that implies then that we have 0 .02x is then equal to 60 minus p, right? so our demand function, x of p, would be equal to 3 ,000 minus 50p.
00:32
And then for part b, to express revenue here as a function of price, where revenue is just going to be price times the quantity demanded.
00:41
So we get our revenue function, r of p, is going to be equal to 3 ,000 p, and then minus 50p squared.
00:51
So we get that by saying, well, it's going to be price.
00:55
We distribute it.
00:55
So we get p, right, times 3 ,000 or, yeah, 3 ,000 minus 50p being equal to 3 ,000.
01:08
And therefore, we get our rp as 3 ,000 p minus 50p squared...