A company sells square carpets for $5 per square foot. It has a simplified manufacturing process for which all the carpets each week must be the same size, and the length must be a multiple of a half foot. It has found that it can sell 100 carpets in a week when the carpets are 2 ft by 2 ft, the minimum size. Beyond this, for each additional foot of length and width, the number sold goes down by 6. What size carpets should the company sell to maximize its revenue? What is the maximum weekly revenue?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A company sells square carpets for $5 per square foot. It has a simplified manufacturing process for which all the carpets each week must be the same size, and the length must be a multiple of a half foot. It has found that it can sell 100 carpets in a week when the carpets are 2 ft by 2 ft, the minimum size. Beyond this, for each additional foot of length and width, the number sold goes down by 6. What size carpets should the company sell to maximize its revenue? What is the maximum weekly revenue?
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