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One company in manufacturing industry has quantified the relationship between the price of its product and the demand for this product as Price = 120-0.02×Demand. The fixed cost (i.e., equipment acquisition) per year = $8,000 and the variable cost per unit = $30. What is the maximum profit that can be achieved if the maximum expected demand is 1,500 units per year? What is the unit price at this point of optimal demand? (Note: detailed solving procedure is needed here)

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91959631

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