Consider the demand function for a monopolist given by the function p = 300 - 6q, where p is the unit price of a good and q the quantity produced and sold. What is the maximum total revenue that can be made? a. 25 b. 0
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The total revenue (TR) is given by the price (p) times the quantity (q), or TR = p*q. Substituting the given demand function into the total revenue equation, we get TR = (300 - 6q)*q = 300q - 6q^2. Show more…
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