The Consumer Demand Curve for Professor Stefan Schwartzenegger Dumbbells Is

question 3

Multiple Choice

The consumer demand curve for Professor Stefan Schwartzenegger dumbbells is given by where p is the price per dumbbell and q is the demand in weekly sales. Find the price Professor Schwartzenegger should charge for his dumbbells in order to maximize revenue.

• A)$342
• B)$38
• C)$40
• D)$34
• E)$29

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Definitions:

Mistake Of Fact

A legal defense in which an individual argues that a misunderstanding of fact rather than law led to the action that constituted an alleged offense.

Bilateral Mistake

A legal term referring to a misunderstanding where both parties to a contract have incorrect beliefs about an essential fact of the agreement.

Unilateral Mistake

Mistake as to a material fact on the part of only one party to a contract. In this situation, the contract is normally enforceable against the mistaken party, with some exceptions.

Rescission

A remedy in which the contract is canceled and the parties are returned to the positions they occupied before the contract was made.