An automobile dealer can sell 12 cars per day at a price of $21,000. He estimates that for each $300 price reduction he can sell two more cars per day. If each car costs him $18,000, and fixed costs are $1000, what price should he charge to maximize his profit? [Hint: Let x = the number of $300 price reductions.]
How many cars will he sell at this price?
Number of cars sell in a day = 12
Price of a car is $21,000.
For each car $300 price reduction if he can sell two more cars per day.
Let be x unit 300 price reduction.
2x units increases in sale of car
Price = 21000 – 300x
Car sold = 12 + 2x
R(x) = (21000- 300x) (12+2x)
Cost; C(x) = 1000 + 18000(12+2x)
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