The relationship between the revenue and the quantity

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Reference no: EM13196552

To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm.
The price of corn, p(y), depends on how much Chuck produces. The price function is specified as
p(y) = 3 0:05y

c. The revenue that Chuck can generate depends on both the price and the quantity of corn produced.
Thus, the revenue function R(y) is
R(y) = p(y)*y = 3y-0.05ysquared

Draw a graph to show the relationship between the revenue and the quantity of corn produced, with
R(y) on the y-axis and y on the x-axis. Label your graph

Reference no: EM13196552

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