What rent produces the maximum revenue

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Reference no: EM133882149

Assignment:

The owner of a block of 16 flats wants to maximise the rental income from th« flats. Past experience has shown that if the rent is $500 per month, then all flats are leased, For every $40 rent increase per month, one fewer is leased.

(a) Determine the owner's rental income when all flats are leased.

(b) What rent produces the maximum revenue? At that rent, how many flats are let?

Reference no: EM133882149

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