Unit 2- interpreting functions

Question

suppose a bunch of cds contain 300 cds. form a functional notation to define revenue for this application as a function of the price p

Answer 1

R(p) = cd(p) where cd = quantity of cds sold, p= price in dolars, and R measured in dollars

Revenue = price times quantity sold

R(p) = 300p

where quantity sold is 300

usual economics version is R(q) = pq

with price and quantity inversely related

and quantity demanded as a functon of price, with price on the y axis and q on the x axis.

as price rises, quantity sold decreases for a normal demand curve. It doesn't stay constant at 300 or any number.