denton productions limited utilizes statistical analysis to determine the optimal price for its sales to customera, during july 2020, the company was provided with the following demand and cost functions by a statistical research company, p=200-6Q, where p=price in dollars; and Q=quantitity of units in thousands TC=5Q2 + 24Q + 150, where TC is total costs in thousands of dollars a. determine the maximum sales revenue b. calculate the maximum profit
denton productions limited utilizes statistical analysis to determine the optimal price for its sales to customera, during july 2020, the company was provided with the following demand and cost functions by a statistical research company, p=200-6Q, where p=price in dollars; and Q=quantitity of units in thousands TC=5Q2 + 24Q + 150, where TC is total costs in thousands of dollars a. determine the maximum sales revenue b. calculate the maximum profit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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denton productions limited utilizes statistical analysis to determine the optimal
p=200-6Q, where p=price in dollars; and Q=quantitity of units in thousands
TC=5Q2 + 24Q + 150, where TC is total costs in thousands of dollars
a. determine the maximum sales revenue
b. calculate the maximum profit
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