The demand equation for a certain product is given by P=108-0.075x, where is the unit price (in dollars) of the product and x is the number of units produced. The total revenue obtained by producing and selling x units is given by R=xp

Determine prices p that would yield a revenue of 6620 dollars.

Lowest such price = ?

Highest such price = ?

Solution:

R=xp=x(108-0.075x)=6620

x = 64.15

x = 1375.85

So

Lowest such price = $64.15

Highest such price = $1375.85