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The marketing research department for a computer company used a large city to test market their new computer.
The marketing research department for a computer company used a large city to test market their new computer. They found that the relationship between the price p (dollars per unit) and the demand x (units per week) for the new computer was given approximately by the equation
· Explain, in writing, how to find a formula for the total revenue function if given the unit price p and number of units sold x. Find the formula for the total revenue from the sale of x units of the new computer.
· Explain, in writing, how you would determine the maximum revenue if given a total revenue function. Find the number of computers that must be sold in order to maximize the revenue formula in #1.
· Find the maximum revenue for the number of computers found in #2. Briefly explain your result.
