Find the price that maximizes the profit if the demand for a product varies from 1,000 at a price of $7 each to 7,000 at a price of $1 each. Also, 5,000 could be supplied at a price of $9 each, whereas only 3,000 could be supplied for $5 each. The graph for this supply-demand problem is given below.
A) $11
B) $5
C) $4
D) $8
E) $10

Question

Find the price that maximizes the profit if the demand for a product varies from 1,000 at a price of $7 each to 7,000 at a price of $1 each. Also, 5,000 could be supplied at a price of $9 each, whereas only 3,000 could be supplied for $5 each. The graph for this supply-demand problem is given below. 
A) $11 
B) $5 
C) $4 
D) $8 
E) $10

Quizplus · Accepted Answer

The Answer of Find the price that maximizes the profit if the demand for a product varies from 1,000 at a price of $7 each to 7,000 at a price of $1 each. Also, 5,000 could be supplied at a price of $9 each, whereas only 3,000 could be supplied for $5 each. The graph for this supply-demand problem is given below. 
A) $11 
B) $5 
C) $4 
D) $8 
E) $10

Find the Price That Maximizes the Profit If the Demand