The demand functions for two products are given below. p1, p2, q1, and q2 are the prices (in dollars) and quantities for products 1 and 2. q1 = 3500 − p1 + p2 q2 = 225 + p1 − 2p2  Find the price for each product that maximizes the total revenue

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
icon
Related questions
Question

The demand functions for two products are given below. p1, p2, q1, and q2 are the prices (in
dollars) and quantities for products 1 and 2.
q1 = 3500 − p1 + p2
q2 = 225 + p1 − 2p2

 Find the price for each product that maximizes the total revenue

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning