Question: This problem demonstrates a technique for finding the absolute maximum of revenue given a price-demand equation. A manufacturer of widgets finds the following relationship between

revenue given a price-demand equation. A manufacturer of widgets finds the following

This problem demonstrates a technique for finding the absolute maximum of revenue given a price-demand equation. A manufacturer of widgets finds the following relationship between the price, p, and demand, x, for the widgets: x = f(P) = 20000 - 20p For what p is there an absolute maximum of revenue? (round your answer to two decimal places)? Step 1 What is the valid range of prices for which this price-demand equation could be valid? (round your answer to two decimal places) Min Price: Max Price: Step 2 For what price does the revenue equation have a critical number? (round your answer to two decimal places) Step 3 We can find the absolute maximum by evaluating revenue at the minimum price, the maximum price and at the critical number. Round your answer to the nearest dollar. Revenue at minimum price: Revenue at critical number: Revenue at maximum price:Step 1 What is the valid range of prices for which this price-demand equation could be valid? (round your answer to two decimal places) Min Price: Max Price: Step 2 For what price does the revenue equation have a critical number? (round your answer to two decimal places) Step 3 We can find the absolute maximum by evaluating revenue at the minimum price, the maximum price and at the critical number. Round your answer to the nearest dollar. Revenue at minimum price: Revenue at critical number: Revenue at maximum price: Step 4 What is the absolute maximum of revenue (round your answer to the nearest dollar)? Add Work

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