A company has the following demand and cost function for a particular item: Demand function: p =
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A company has the following demand and cost function for a particular item:
Demand function: p = 600- 2q2 Cost function: c = 1 00 + 216q Where p = Price of the item ($)
q = Quantity produced and sold c =Total cost of producing the item ($)
REQUIRED Determine:
(i) price and quantity for maximum sales revenue, and find the maximum revenue
(ii) price and quantity for maximum profit, and find the maximum profit.
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