A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but are generally worth it. She can paint as many as 100 per year. The total cost is , C(X) = 10 + 0.5x + 0.01x^2 where x is the number of paintings. I am told that the demand for her paintings is given by Q(P) = 100 – .01P, where P is the price in dollars for painting. Question: What price would maximize her revenue and what would that revenue be?
A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but are generally worth it. She can paint as many as 100 per year. The total cost is , C(X) = 10 + 0.5x + 0.01x^2 where x is the number of paintings. I am told that the demand for her paintings is given by Q(P) = 100 – .01P, where P is the price in dollars for painting. Question: What price would maximize her revenue and what would that revenue be?
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.1: Quadratic Functions
Problem 6SC: A company that makes and sells baseball caps has found that the total monthly cost C in dollars of...
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A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but are generally worth it.
She can paint as many as 100 per year. The total cost is , C(X) = 10 + 0.5x + 0.01x^2 where x is the number of paintings.
I am told that the demand for her paintings is given by Q(P) = 100 – .01P, where P is the price in dollars for painting.
Question: What price would maximize her revenue and what would that revenue be?
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