Some help needed to resolve following task:
Co XYZ has established that the relationship between the quantity demanded for one of its products and the price it charges is given by the following function:
q = 750 - 5p
Where q is the quantity demanded per week and p is the price charged.
(a) What price should be charged if the business wishes to maximize total revenue?
(b) What quantity will the firm sell per week when it is maximizing total revenue?
(c) What will be the value of total revenue when it is being maximized?
(d) What quantity will the firm sell if it charges a price of 100?
(e) What is the price elasticity of demand when price is 100?
Any help appreciated
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- Thread Starter
- 16-01-2017 07:26