Question: A small business assumes that the demand function for one of its new products can be modeled by p = Ce kx . When p

A small business assumes that the demand function for one of its new products can be modeled by p = Cekx.

When p = $50, x = 800 units, and when p = $45, x = 1300 units.

(a) Solve for C and k. (Round C to four decimal places and k to seven decimal places.)

C=

k=

(b) Find the values of x and p that will maximize the revenue for this product. (Round x to the nearest integer and p to two decimal places.)

x= ___ units

p=$ ____

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