Question: Group Problem 4 The price p and the quantity x sold of a certain product obey the demand equation below x = -2 p +

Group Problem 4

The price p and the quantity x sold of a certain product obey the demand equation below

x = -2 p + 52; 0< or =p< or =30

(a) Express the revenue R as a function of x ( R = xp ).

(b) What is the revenue if 38 units are sold?

(d) What is the maximum revenue?

(e) What price should the company charge to maximize revenue?

(f) What price should the company charge to earn at least $288 revenue?

Challenge: Notice that if the price is $0 or $26 the revenue is $0. It is easy to explain why revenue would be $0 if the price is $0, but how can revenue be $0 if the price is $26?

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