Did I get the right answer ?
2 answers:
You might be interested in
Answer:
Step-by-step explanation:
Given that a small business assumes that the demand function for one of its new products can be modeled by
Substitute the given values for p and x to get two equations in c and k
Dividing on by other we get
Substitute value of k in any one equation
b) Revenue of the product is demand and price
i.e. R(x) = p*x =
Use Calculus derivative test to find max Revenue
R'(x) =
EquateI derivative to 0
1-0.000589x =0
x = 1698.037
When x = 1698 and p = 16.56469