Question

A sales team estimates that the number of new phones they will sell is a function of the price that they set. They estimate that if they set the price at x dollars, they will sell f(x)=4564−7x phones. Therefore, the company's revenue is x⋅(4564−7x). Find the price, x, which will maximize the company's revenue.

Answer 1

Answer:

326

Step-by-step explanation:

Answer 2

The phone should be of price $326 in order to maximize company's revenue.

What is Revenue of a Company?

Revenue is another word for the amount of money a company generates from its sales.

In question , it is given company's revenue = x(4564 - 7x)

Let r(x) = 4564x - 7 (x^2)

To maximize the revenue , we need to put its differentiation as 0

r'(x) = d(4564x - 7 (x^2)) /dx

r'(x) = 4564 - 14 x

putting r'(x) =0

4565 - 14 x = 0

x= $326

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