The demand equation for a certain product is given by p = 136 - 0.05x, where p is the unit pri. (in dollars) of the product and a is the number of units produced. This means, in theory, that consumer demand for r units of this product will justify a market price of p dollars per unit. Generally, the higher the unit price, the lower the demand, and vice versa. Suppose the total revenue obtained by producing and selling a units of this product is given by R = xp. Round all %3D answers to the nearest cent. a. Determine prices p that would yield a revenue of 7570 dollars. Lowest such price = $ Highest such price = $ b. Find the unit price that would maximize revenue. Round your answer to the nearest whole number of units. %$4 c. What is the maximum revenue expected at the unit price found in part c? Question Help: DPost to forum Submit Question

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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The demand equation for a certain product is given by p = 136 -0.05x, where p is the unit price
(in dollars) of the product and x is the number of units produced. This means, in theory, that
consumer demand for x units of this product will justify a market price of p dollars per unit.
Generally, the higher the unit price, the lower the demand, and vice versa. Suppose the total
revenue obtained by producing and selling x units of this product is given by R = xp. Round all
answers to the nearest cent.
a. Determine prices p that would yield a revenue of 7570 dollars.
Lowest such price = $
Highest such price = $
b. Find the unit price that would maximize revenue. Round your answer to the nearest whole
number of units.
c. What is the maximum revenue expected at the unit price found in part c?
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Transcribed Image Text:The demand equation for a certain product is given by p = 136 -0.05x, where p is the unit price (in dollars) of the product and x is the number of units produced. This means, in theory, that consumer demand for x units of this product will justify a market price of p dollars per unit. Generally, the higher the unit price, the lower the demand, and vice versa. Suppose the total revenue obtained by producing and selling x units of this product is given by R = xp. Round all answers to the nearest cent. a. Determine prices p that would yield a revenue of 7570 dollars. Lowest such price = $ Highest such price = $ b. Find the unit price that would maximize revenue. Round your answer to the nearest whole number of units. c. What is the maximum revenue expected at the unit price found in part c? Question Help: DPost to forum Submit Question G Search or type URL esc @ 23 % 1 2 3 Q W E
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