(Answered) Question for most products higher prices result in a

Accounting

Question: For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand. Let

d=annual demand for a product in units

p= price per unit

Assume that a firm accepts the following price-demand relationship as being realistic:

d= 800 - 10p

where p must be between $20 and $70.

a. How many units can the firm sell at the $20 per-unit price? At the $70 per-unit price?

b. Show the mathematical model for the total revenue (TR), which is the annual demand
multiplied by the unit price.

c. Based on other considerations, the firm

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