The demand equation for a certain product is given by p=136–0.02x , where p is the unit price (in dollars) of?
Determine prices p that would yield a revenue of 440 dollars.
Lowest such price =
Highest such price =
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revenue (R) equals price (p) times quantity (x)
therefore
R=136x-0.02x^2
440=136x-0.02x^2
0.02x^2-136x+440=0
using the quadratic formula, x=3.2368 and 6796.763
we're not done yet. x represents the quantity, not the price. to figure out price, plug 3.2368 and 6796.763 into the demand equation. p then equals $135.94 and $0.06. those are your highest and lowest prices.