Maximizing Revenue The demand for a certain type of cosmetic is given by p = 500 -
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Question:
Maximizing Revenue The demand for a certain type of cosmetic is given by
p = 500 - x
where p is the price in dollars when x units are demanded.
a. Find the revenue R(x) that would be obtained at a price p.
(Hint: revenue = Demand x Price)
b. Graph the revenue function R(x).
c. Find the price that will produce maximum revenue.
d. What is the maximum revenue?
Related Book For
Probability & Statistics for Engineers & Scientists
ISBN: 978-0130415295
7th Edition
Authors: Ronald E. Walpole, Raymond H. Myers, Sharon L. Myers, Keying
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