p27 (43)
Suppose x = -200p + 12000 units of a particular commodity are sold each month when the market price is p dollars per unit. The total monthly consumer expenditure E is the total amount of money spent by consumers during each month.
a. Express the total monthly consumer expenditure E as a function of the unit price p, and sketch the graph of E(p).
b. Discuss the economic significance of the p intercepts of thr expenditure function E(p).
c. Use the graph in part (a) to determine the price that generates the greatest total monthly consumer expenditure.
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