Q2: the demand for the product of a firm varies with the price that the firm charges for the product. The firm estimates that annual total revenue R (stated in $1000s)is the function of the price P(stated in dollar) specifically, R = f(p) = -50ap² + 500ßp i) ii) Determine the price which should be charged in order to maximize total revenue What is the maximum value of the annul total revenue?

Q2: the demand for the product of a firm varies with the price that the firm charges for the product. The firm estimates that annual total revenue R (stated in $1000s)is the function of the price P(stated in dollar) specifically, R = f(p) = -50ap² + 500ßp i) ii) Determine the price which should be charged in order to maximize total revenue What is the maximum value of the annul total revenue?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

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