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A company sells its products in a market where the market price, p, is linked to the quantity sold, q, by the linear equation p=80q.

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A company sells its products in a market where the market price, p, is linked to the quantity sold, q, by the linear equation p=80q. a) Calculate the market price if the company sells 30 units. What is the revenue equation and the revenue if company sells 30 units? ( 3 marks) Further the company incurs fixed costs of $200 and an additional cost of $14 for each unit produced. b) What is the cost equation? How much will it cost to produce 30 units? (3 marks) c) What is the profit equation? What profit will the company make from producing and selling 30 units? ( 3 marks) d) Calculate the number of units that will maximize the profit What is the corresponding market price that will maximize profit? What is the maximum profit (4 marks)

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