Oil price that maximizes revenue for 1 million barrels daily

[kristy.ss]

I am having trouble getting this problem started.
An oil producing country can sell 1 million barrels of oil a day at a price of $120 per barrel. If each $1 price increase will result ina sales decrease of $10,000 barrels per day, what price wil maximize the country's revenue? How many barrels will it sell at that price?

 

[hotvette]

Always good to start simple. What are you asked to maximize? What are the variables involved? Write a simple equation for the thing you are trying to maximize as a function of the variables. In general, what does one need to do to find the maximum of a function (think calculus)? That should at least get you started in the right direction.