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please show work Suppose that a firm wishes to determine the best pricing for one of its products to maximize revenue over the next year.
please show work
Suppose that a firm wishes to determine the best pricing for one of its products to maximize revenue over the next year. A market research study has collected data that estimate the expected annual sales for different levels of pricing. Analysts determined that total revenue is expressed by the model shown. TotalRevenue=2.9505Price2+3,220.92Price The firm would like to identify the price that maximizes the total revenue. Suppose that the company wants to keep the price at a maximum of $500. The price that maximizes the total revenue is S (Round to the nearest cent as needed.) Step by Step Solution
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