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Social ScienceA company runs food service concessions for sporting events throughout the country. Their marketing research department chose a particular football stadiumt to test market a new jumbo hot dog. It was found that the demand for the new hot dog is given approximately by p=6-ln(x), 5 ≤ x ≤ 500, where x is the number of hot dogs (in thousands) that can be sold during one game at a price of p dollars. If the company pays 1 dollar for each hot dog, how should the hot dogs be priced to maximize the profit per game? Price = __________
A company runs food service concessions for sporting events throughout the country. Their marketing research department chose a particular football stadiumt to test market a new jumbo hot dog. It was found that the demand for the new hot dog is given approximately by
p=6-ln(x), 5 ≤ x ≤ 500,
where x is the number of hot dogs (in thousands) that can be sold during one game at a price of p dollars. If the company pays 1 dollar for each hot dog, how should the hot dogs be priced to maximize the profit per game?
Price = __________
Expert Answer
Given information
Total no. of hot dog sold is x thousands
New hot dog is approximately
Calculation:
For maximum profit take first derivation of P ...
Image Transcriptionclose
dP d (5x-xlnx) dx dx dP d(5x) d (xInx) dx dx dx dP = 5-1 dx -In x х dP = 5-1-nx 4- Inx dP for max take dx 0 = hence, 4-nx 0
Math
Calculus
Derivative
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