Appeared in: 2024 (3 sets)
A store has been selling calculators at ₹ 350 each. A market survey indicates that a reduction in price (p) of calculator increases the number of units (x) sold. The relation between the price and quantity sold is given by the demand function $p = 450 - \frac{1}{2}x$. Based on the above information, answer the following questions: (i) Determine the number of units (x) that should be sold to maximise the revenue $R(x) = xp(x)$. Also, verify the result. (ii) What rebate in price of calculator should the store give to maximise the revenue?