The total weekly revenue earned at Royal Ruby Retailers is given by R(p) = −7/3p2 +...

The total weekly revenue earned at Royal Ruby Retailers is given by

R(p) = −7/3p² + 98p

where p is the price (in dollars) RRR charges per ruby. Use this function to determine the following.

(a) Determine the weekly revenue, to the nearest dollar, when the price is set at $20/ruby.
$

(b) Determine the weekly revenue, to the nearest dollar, when the price is set at $200/ruby.
$

Interpret your result.

The range of the demand function cannot realistically include p = $200. The range of the demand function includes p = $200. The domain of the demand function cannot realistically include p = $200. The domain of the demand function includes p = $200.

(c) Determine the price RRR should charge in order to obtain a weekly revenue of $1,029.

Expert Solution

milcah answered 2 years ago

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