The revenue, in thousand rupees, obtained by selling a product at a price of ₹p per unit is given by R(p)=1000p−50p2 for 0≤p≤20.
a. (i) Find the critical price(s) of R in the given interval.
b. (ii) Determine the subintervals of the given domain on which the revenue increases with price.
c. (iii) If the current price is ₹8, should the firm raise the price or lower it to increase revenue? Give one reason.