The demand function is $x=\frac{24-2p}{3}$ where x is the number of units demanded and p is the price per unit, then the price per unit for which the revenue is maximum is :
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → ₹6
Revenue is,
R = Price per unit (P) × No. of units (x)
$=P\left(\frac{24-2P}{3}\right)$
$=\left(\frac{24P-2P^2}{3}\right)$
$\frac{dP}{dR}=\frac{1}{3}[24-4P]=0$
$⇒4P=24⇒P=6$