Question: Quantitative modelling: The demand function of a product is Q = 6 500 20P, where Q and P represent the quantity and price respectively. Fixed

Quantitative modelling:

The demand function of a product is Q = 6 500 20P, where Q and P represent the quantity and price respectively. Fixed costs are R65 000 and the variable cost

is R50 per additional unit produced.

Determine the price at which profit is a maximum.

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