The price p (in dollars) and the quantity q sold of a certain product obey the demand equation q= 800 - 20 p and 0 < p < 40 (i) Express the revenue R as a function of q. (ii) What is the revenue if 20 units are sold? (iii) What quantity q maximizes revenue? What is the maximum revenue?
The price p (in dollars) and the quantity q sold of a certain product obey the demand equation q= 800 - 20 p and 0 < p < 40 (i) Express the revenue R as a function of q. (ii) What is the revenue if 20 units are sold? (iii) What quantity q maximizes revenue? What is the maximum revenue?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter9: Multivariable Calculus
Section9.CR: Chapter 9 Review
Problem 99CR
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The price p (in dollars) and the quantity q sold of a certain product obey the demand
equation q= 800 - 20 p and 0 < p < 40
(i) Express the revenue R as a function of q.
(ii) What is the revenue if 20 units are sold?
(iii) What quantity q maximizes revenue? What is the maximum revenue?
(iv) What price should the company charge to maximize revenue?
(v) What price should the company charge to earn at least $3500 in revenue?
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