What type of function represents the relationship between price and number of items sold?

Question

asked Nov 28, 2020 48.7k views

2 Answers

Ateik · Answer 1 · 2020-12-02T08:06:01+0000

Answer: Revenue function is the required function that will represents the relationship between price and quantity sold.

Explanation:

Revenue function represents the relationship between price and number of items sold.

As Revenue refers to the total receipt earned from selling the number of items at a particular price.

Mathematically, it is expressed as

$R(x)=p* q\\\\here,\\\\p\ denotes\ price\\\\q\ denotes\ quantity\ sold$

Hence, Revenue function is the required function that will represents the relationship between price and quantity sold.