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Answer:
How many units need to be sold to produce the maximum revenue? 1000 units
How many in dollars is the maximum revenue when the maximum of units are sold? $350,000
Step-by-step explanation:
We get max value of a function if we differentiate it and set it equal to 0.
We need to differentiate r(x) and set it equal to 0 and solve for x.
<u><em>That would be number of units sold to get max revenue.</em></u>
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<u>Then we take that "x" value and substitute into r(x) to get the max revenue amount.</u>
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Before differentiating, we see the rules shown below:
Where
f'(x) is the differentiated function
Now, let's do the process:
So, 1000 units need to be sold for max revenue
Now, substituting, we get:
The max revenue amount is $350,000