Suppose that q = D(p) = 800 - 5p is the demand function for a certain consumer item with p as %3D the price in dollars for one unit of this item and q as the number of units. Find the greatest possible revenue by first finding the price p at which the marginal revenue becomes zero and then finding out the revenue that results at this price.

Suppose that q = D(p) = 800 - 5p is the demand function for a certain consumer item with p as %3D the price in dollars for one unit of this item and q as the number of units. Find the greatest possible revenue by first finding the price p at which the marginal revenue becomes zero and then finding out the revenue that results at this price.

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

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 6E

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