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Quandaries & Queries
Q & Q
 Topic: demand function
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 Maximize his profit 2007-11-12 From apoorva:During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for \$10 each and his sales averaged 20 per day. When he increased the price by \$1, he found that he lost two sales per day. a. Find the demand function, assuming it is linear. b. If the material for each necklace costs Terry \$6, what should the selling price be to maximize his profit?Answered by Penny Nom. Maximizing profits II 2007-10-05 From a student:Suppose there are three firms with the same demand function. The function is Q=1000-40P. Each firm also a a cost function. Firm 1: 4000+5Q, Firm 2: 3000+5Q, Firm 3: 3000+7Q. What price should each firm charge if it wants to maximize profits.Answered by Harley Weston.

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