I hope I'm asking in the right place. I'm writing a paper on the application of quadratic functions in economics and intend to use the Total Revenue function as well as the Profit function for a specific product in order to derive conclusions and whatnot. For the moment, all that I require is the price (or demand) function of a given product in order to find the rest out. For the price function:
p(Q) = m - nQ
in order to find out what m (the slope) is, I would require coordinates (Q, p). Q being the quantity demanded (or sold apparently according to this link) and p being the price per unit sold.
I require the price function in order to make the TR (Total Revenue function).
I have looked online for methods to derive the number of units sold from financial statements made by the company but I find that:
- I need the price per unit for this (that that I do not have)
- financial statements pertain to all products sold by the company and as such are an inaccurate representation of the price function for that particular product
For the profit function which requires the cost function, I have managed to find the solution from the financial statement but once again point 2 still stands. I think that if I find a business that exclusively sells one product, I will manage to derive the second cost function from the financial statements but once again, I do not have a solution for the first one.
I am really lost in regards to what I should do in order to obtain data that I can use to analyze and ultimately demonstrate the application of mathematics in economics (specifically two sets of price per unit and number of units sold). I really hope that someone can help me with these questions and provide not necessarily the aforementioned solution that I desire but any solution to the situation I am in.