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Mathematics
Problem
For a certain product, the price–demand relationship is
p
(
q
)
=
50
−
0.5
q
p(q)=50-0.5q
p
(
q
)
=
50
−
0.5
q
, where
p
p
p
is the selling price in dollars when
q
q
q
units are sold. The total cost of producing
q
q
q
units is
C
(
q
)
=
10
q
+
200
C(q)=10q+200
C
(
q
)
=
10
q
+
200
. Determine the selling price that maximizes the firm’s profit.
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