Question: The demand function for a certain product is 9 = f (p) =1 500 -50p where q equals the quantity demanded in thousands of units

The demand function for a certain product is 9 = f (p) =1 500 -50p where q equals the quantity demanded in thousands of units and p equals the price in Rand. Total revenue R from selling q units is stated as the product p and q, or: R = pq thus R = h(p) = p.f(p) = p(1 500 -50p) =1500p - 50p2-o Draw the graph R= h(p) What value of p maximizes R? How many units would be demanded at this price? What is the maximum total revenue? For which values of p is this function defined? What do these values mean? uct have resulted in the conclusion that the suppl uld be willin

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