The marketing research department for a company that manufacturers and sells gaming systems established the following price-demand functionp(x)=240-30x Where p(x) is the wholesale price in dollars at which x thousand gaming systems can be sold, Find the revenue function when x thousand units are demandedFind the value of x that will produce maximum revenue. What is maximum revenue to the nearest thousand dollars?What is the price per gaming system that produces the maximum revenue?

The value of all goods and services sold by a corporation in a certain period is referred to as…

Answered: The marketing research department for a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The marketing research department for a company that manufacturers and sells gaming systems established the following price-demand function

p(x)=240-30x

Where p(x) is the wholesale price in dollars at which x thousand gaming systems can be sold,

Find the revenue function when x thousand units are demanded
Find the value of x that will produce maximum revenue. What is maximum revenue to the nearest thousand dollars?
What is the price per gaming system that produces the maximum revenue?

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