Solve the Problem $R$ (In Dollars) Is $R ( p ) = - 5 p ^ { 2 } + 1,460 p$

question 225

Multiple Choice

Solve the problem.
-The manufacturer of a CD player has found that the revenue $R$ (in dollars) is $R ( p ) = - 5 p ^ { 2 } + 1,460 p$ , when the unit price is $p$ dollars. If the manufacturer sets the price $p$ to maximize revenue, what is the maximum revenue to the nearest whole dollar?

• A) \(\$ 106,580\)
• B) \(\$ 426,320\)
• C) \(\$ 213,160\)
• D) \(\$ 852,640\)

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Definitions:

Prices

The plural form referring to the various amounts of money that goods or services are bought and sold for in a market.

Price Discrimination

The strategy of selling the same product or service at different prices to different customers, based on their willingness or ability to pay.

Consumer Surplus

The discrepancy between the total sum consumers are prepared and capable of spending for a product or service, and the total sum they end up paying.

Single-price Monopoly

a market structure where a monopolist sells a product or service at a single price to all consumers, with no price discrimination.