price that maximizes total revenue
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Please provide a detailed explanation and step by step solution. I also need to see hope this is graphed.
Company has determined approximate relationship between quantity (Q) of it's product it can sell and the price in dollars (P) per product:
Q = -20P + 330
I know total revenue = price * quantity. I need to undestand how to determine the price that maximizes total revenue. I also need to see how this is done graphically to be able to support the answer.
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Solution Summary
Find the price that maximizes total revenue.
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