denton productions limited utilizes statistical analysis to determine the optimal price for its sales to customera,  during july 2020, the company was provided with the following demand and cost functions by a statistical research company, p=200-6Q, where p=price in dollars; and Q=quantitity of units in thousands TC=5Q2 + 24Q + 150, where TC is total costs in thousands of dollars   a. determine the maximum sales revenue b. calculate the maximum profit

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Chapter11: Price And Output Determination: Monopoly And Dominant Firms
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denton productions limited utilizes statistical analysis to determine the optimal price for its sales to customera,  during july 2020, the company was provided with the following demand and cost functions by a statistical research company,

p=200-6Q, where p=price in dollars; and Q=quantitity of units in thousands

TC=5Q2 + 24Q + 150, where TC is total costs in thousands of dollars

 

a. determine the maximum sales revenue

b. calculate the maximum profit

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