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Sagot :
Total revenue from the sales would be p = 330 − 0.2x, p = 330 - 0.2*500 = 330 - 100 = 230.
What is meant by total revenue?
The whole amount of money a seller may make by providing goods or services to customers is known as total revenue. The formula for this is P Q, or the purchase price times the quantity of the products sold.
An indefinitely elastic demand curve is presented to a corporation that is completely competitive. In other words, the market price is the only price at which it may be sold. At any lower price, it could sell the same quantity at the going rate and yet make more money, but at any higher price, nobody would purchase any quantity. The market price multiplied by the amount that the business decides to manufacture and sell equals total revenue.
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