Suppose that in a monopoly market, the demand function for a product is p = 170 - 0.10x and the revenue function is R = px, where x is the number of units sold and p is the price per unit (in dollars). Form the revenue function R(x). R(x) = Find the number of units that must be sold to maximize revenue. x = Find the price of the product (in dollars) that will maximize revenue. $

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Suppose that in a monopoly market, the demand function for a product is p = 170 - 0.10x and the revenue function is R = px, where x is the number of units sold and p is the price per unit (in dollars).
Form the revenue function R(x).
R(x) =
Find the number of units that must be sold to maximize revenue.
X =
Find the price of the product (in dollars) that will maximize revenue.
$
Transcribed Image Text:Suppose that in a monopoly market, the demand function for a product is p = 170 - 0.10x and the revenue function is R = px, where x is the number of units sold and p is the price per unit (in dollars). Form the revenue function R(x). R(x) = Find the number of units that must be sold to maximize revenue. X = Find the price of the product (in dollars) that will maximize revenue. $
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