The price p (in dollars ) and the quantity x sold of a certain product obey the demand equation x=-5p+120,0<=p<=24. What quantity x maximizes revenue? What is the maximum revenue?
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Revenue (R) is calculated as the product of price (p) and quantity sold (x). From the demand equation, we have \( x = -5p + 120 \). Therefore, the revenue function can be expressed as: \[ R = p \cdot x = p \cdot (-5p + 120) \] This simplifies to: \[ R = Show more…
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