Answered: An automobile dealer can sell 12 cars…

Name: An automobile dealer can sell 12 cars per day at a price of $20,000. H
Uploaded: 2024-03-20T07:07:26.000Z
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Description: An automobile dealer can sell 12 cars per day at a price of $20,000. He estimates that for each $300 price reduction he can sell two more cars per day. If each car costs him $17,000, and fixed costs are $1000, what price should he charge to maximize

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.2: Systems Of Linear Equations: Three Variables

Problem 54SE: An animal shelter has a total of 350 animals comprised of cats, dogs, and rabbits. If the number of...

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An automobile dealer can sell 12 cars per day at a price of $20,000. He estimates that for each $300 price reduction he can sell two more cars per day. If each car costs him $17,000, and fixed costs are $1000, what price should he charge to maximize his profit? How many cars will he sell at this price?

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Now, we can find the revenue function by multiplying the price function by the quantity function and simplifying.

R(x)	=	p(x)q(x)

	=	(20,000 − 300x)(12 + 2x)

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