A merchant can sell 60 items per day when he charges $1.60 for that item. He has observed that for every 2 cents drop in the price there will be 5 extra items sold per day. What price should he charge in order to maximize his revenue per day for that item and how many items will be sold.
A merchant can sell 60 items per day when he charges $1.60 for that item. He has observed that for every 2 cents drop in the price there will be 5 extra items sold per day. What price should he charge in order to maximize his revenue per day for that item and how many items will be sold.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CR: Review Problem Set
Problem 50CR
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A merchant can sell 60 items per day when he charges $1.60 for that item. He has observed that for every 2 cents drop in the price there will be 5 extra items sold per day. What price should he charge in order to maximize his revenue per day for that item and how many items will be sold.
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