Given below is the price-demand equation for the production of tennis shoes where x is the number of pairs of tennis shoes that can be sold at a price of $p dollars. p = 40 − x   (a) Determine the revenue function and the marginal revenue function.

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A:

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.