Representing revenue as a quadratic function

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I am trying to represent the following with a quadratic formula I believe I have done it correctly and im just wondering if I am right.

Eastern gym charges its adult members $\$50$ monthly for a membership. The club has $600$ adult members. Eastern gym estimates that for each $5$ increase in the monthly fee, it will lose $50$.

my answer would be

$y=(600-50x)(50+5x)$ where x is the number of people is this correct?