Final answer:
The revenue maximizing price cannot be determined from the given demand equation.
Step-by-step explanation:
The firm's revenue maximizing price can be determined by setting the marginal revenue equal to zero. The demand equation is given as p = 2,328 - 8q, where p is the price and q is the quantity. To find the revenue maximizing price, we need to find the quantity at which the marginal revenue is equal to zero. By taking the derivative of the demand equation with respect to q and setting it equal to zero, we can solve for the quantity. Once we have the quantity, we can substitute it back into the demand equation to find the revenue maximizing price.
Deriving the demand equation with respect to q:
p = 2,328 - 8q
dp/dq = -8
To find the revenue maximizing price, we need to find the quantity at which the marginal revenue is equal to zero.
0 = -8
The derivative equals zero at any value of q. Therefore, the revenue maximizing price cannot be determined from the given demand equation.