SOLUTION: I am having a difficult time setting this problem up, please help! Let X be the units sold,P is the price per unit, and R be the total revenue. If R = XP, and the demand equatio

Question 110194: I am having a difficult time setting this problem up, please help!
Let X be the units sold,P is the price per unit, and R be the total revenue. If R = XP, and the demand equation for the the product is P = 60-0.0004 X. How many units must be sold to produce revenue of $220,000 ?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Let X be the units sold,
:
P is the price per unit,
:
R be the total revenue.
:
If R = XP, and the demand equation for the the product is P = 60-0.0004X.
:
R = XP
Substitute (60-.0004X) for P (from the above equation)
R = X*(60-.0004X)
:
R = 60X - .0004X^2
or
-.0004X^2 + 60X = R
:
It says,"How many units must be sold to produce revenue of $220,000 ?"
:
Substitute 220000 for R in the above equation:
:
-.0004X^2 + 60X = 220000
:
-.0004X^2 + 60X - 220000 = 0; a quadratic equation
:
Solve this for x using the quadratic formula, positive solution:
x = 146,239 (rounded) units sold to make $220,000

RELATED QUESTIONS
When the price (p) of commodity is $10 per unit, 750 units of it are sold. For every $1... (answered by ankor@dixie-net.com)

"A store has been selling a popular game at the price of $40 per unit, and at this price... (answered by gonzo)

I'm having a hard time setting up this equation... A manufacturer finds that for the... (answered by Alan3354)

Please help me I having trouble with this problem. Business and finance. What x... (answered by malakumar_kos@yahoo.com)

If it costs $12,000 to start up a business and you get $7.20 per unit for a unit that... (answered by jim_thompson5910)

When x units of a certain luxury commodity are produced, they can all be sold at a price... (answered by oscargut)

Hi, I'll write the problem word for word in case you can't find it: Toy... (answered by solver91311)

When x number of units are sold, the price of each unit(in dollars) is given by... (answered by stanbon,edjones)

A company produces a product for which the variable cost is $10.20 per unit and the fixed (answered by stanbon)