The price x which will maximize the company's revenue is 904
The price x which will maximize the company's revenue is 240
Let
Price of the good = x
Number of goods sold = 2712- 3x
The formula for revenue is given as;
Revenue = Price × Quantity
= x( 2712 - 3x)
Expand the bracket
2712x - 3x^2
Therefore, the price x which will maximize the company's revenue will be:
2712x - 3x^2 =0
Collect like terms
3x² = 2712x
3x = 2712
Divide both side by 3
3x/3 = 2712/3
x = 904
Hence, the price x which will maximize the company's revenue is 904
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