Concept explainers
Maximizing Revenue The price (in dollars) and the quantity sold of a certain product obey the demand equation
,
(a) Express the revenue as a function of .
(b) What is the revenue if 20 units are sold?
(c) What quantity maximizes revenue? What is the maximum revenue?
(d) What price should the company charge to maximize revenue?
(e) What price should the company charge to earn at least in revenue?
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