The Demand for Rubies at Royal Ruby Retailers Is Given $q = - \frac { 4 } { 3 } p + 80$

question 85

Short Answer

The demand for rubies at Royal Ruby Retailers is given by
$q = - \frac { 4 } { 3 } p + 80$
where p is the price RRR charges (in dollars) and q is the number of rubies RRR sells per week. At what price should RRR sell its rubies to maximize its weekly revenue

Please enter your answer in dollars without the units.

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Definitions:

Direct Labor Variances

The differences between the actual costs of direct labor and the standard or expected costs.

Direct Labor Standards

Established benchmarks that specify the amount of direct labor time and the cost that should be involved in producing one unit of finished goods.

Labor Cost

The total amount of money paid for employee wages, benefits, and taxes by a business.

Variable Overhead Efficiency Variance

The difference between the actual and expected (or standard) use of variable overheads based on the actual activity levels.