Question

Asked Nov 13, 2019

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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 = __________

Step 1

Given information

Total no. of hot dog sold is x thousands

New hot dog is approximately

Step 2

Calculation:

Step 3

For maximum profit take first derivation of P ...

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