Demand for monorail service in one particular city can be approximated by q =-1,691p+58,123 rides per day when fare is $p. What price should should be charged to maximize daily revenue? Round your answer to two decimal places.

Demand for monorail service in one particular city can be approximated by q =-1,691p+58,123 rides per day when fare is $p. What price should should be charged to maximize daily revenue? Round your answer to two decimal places.

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section: Chapter Questions

Problem 22T: On the first part of a 350-kilometer trip, a salesperson travels 2 hours and 15 minutes at an...

See similar textbooks

Related questions

Q: Hamed own a local gold market that currently has 2550625 subscriber in Instagram at a quarterly…

A: Given A local gold market that currently has 2550625 subscriber and quarterly charge of R.O. 19 .…

Q: A university is trying to determine what price to charge for tickets to football games. At a price…

A: SOLUTION-

Q: A farmer finds that if she plants 40 trees per acre, each tree will yield 35 bushels of fruit. She…

Q: An artist can sell 20 copies of a painting at $100 each, but for each additional copy she makes, the…

A: SOLUTION-

Q: Demand for monorail service in one particular city can be approximated by q =-4,195p +31,370 rides…

A: Given: Demand, q=-4195p+31370 rides per day. Fare, p=$p. The objective is to find the price p to be…

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) = 45,000 + 100x +…

Q: During the 1950s the wholesale price for chicken for a country fell from 25¢ per pound to 14¢ per…

Q: A parking garage charges 3 dollars plus 85 cents per half-hour. A linear cost function for the…

Q: Demand for monorail service in one particular city can be approximated by q=-1,512p+40,106 rides per…

Q: An apple orchard yields 20 bushels of apples per tree when there are 75 trees per acre. For each…

Q: The demand for monorail service in a city in 2005 can be approximated by q = −4,500p + 43,500…

A: Given demand function is q=-4500p+43500 We know that Revenue=Demand*Price = q*p Let revenue is R(p)=…

Q: A local company is planning to manufacture and market a four-slice toaster. For this toaster, the…

Q: A university is trying to determine what price to charge for tickets to football games. at a price…

A: Revenue = people×ccost of ticket+people×5.0Every decrease of $2 , adds 10,000 peopleSo, decrease of…

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) = 45,000 + 100x +…

A: Given : The total cost function C (x) = 45,000 + 100 x + x 3 dollars Revenue function R (x) =…

Q: The revenue for tractors at a price of p dollars per tractor is R(p)=−0.5p^2+1900p+ 1000. What…

A: Given : R(p) = - 0.5p2 + 1900p + 1000

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) - 40,000 + 100x +…

Q: The estimated monthly profit realizable by the Cannon Precision Instruments Corporation for…

Q: A movie theater wants to determine the price per ticket that should be charged in order to maximize…

Q: In order to prepare for the holiday rush, Timber Tree Farm hires an analyst from Tham International,…

A: In order to prepare for the holiday rush, Timber Tree Farm hires an analyst from Tham International,…

Q: If the demand equation of a good is P=/1000 – 4Q, find the value of Q which maximizes total revenue.

A: Given: P=1000−4Qwhere,P→PriceQ→Quantity

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) = 40,000 + 100x +…

A: We use the formula for profit function P(x)=R(x)-C(x).

Q: An airline finds that if it prices a cross-country ticket at $400, it will sell 500 tickets per day.…

Q: Afarmer finds that if she plants 100 trees per acre,, each tree will yield 40 bushels of fruit. She…

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) = 45,000+ 100x +…

Q: The price of a product in a competitive market is $400. If the cost per unit of producing the…

A: The cost function per unit is 70 + 0.2x in dollars and x be the number of items produced per month.

Q: one hour to fill 1,000 bottles of Health-Wealth. Only 45,000 bottles and 66 hours are available for…

A: formulate the LPP let x= number of bottles of syrup tonus-2,000 let y= number of bottles of syrup of…

Q: An apple grower finds that if she plants 20 trees per acre, each tree will yield 90 bushels of…

Q: The demand for monorail service in a city in 2005 can be approximated by q = -4,500p + 44,300 rides…

A: Revenue=pqR(p)=p(-4500p+44300)R(p)=-4500p2+44300p

Q: A manufacturer estimates that its product can be produced at a total cost of C(x) = 45,000 + 100x +…

Q: A university is trying to determine what price to charge for tickets to football games. At a price…

A: We have to find out the ticket cost and number of people

Q: The revenue function of a company that sells its product at a fixed price of OMR 220 per unit and…

A: Solution

Q: The selling price P of an item is 100- 0.02x dollars, where x is the number of items produced per…

Q: Phi Ms. Kaye of the Lakwatsera tours offers a group rate of Php 24000 per person for a week in Cebu…

A: Concept: Maximum and minimum value: To find the maximum and minimum value of a function using first…

Q: The demand Equation of a product and the total of production are given by p = 45-0.05x, C = 5x +…

A: Revenue= R= xp = x(45-0.05x)= 45x - 0.05x2 Cost=C=5x + 3000 So profit= P=R-C=45x - 0.05x2 - (5x +…

Q: An oil- producing country can sell 7 million barrels of oil a day at price of $90 per barrel. If…

Q: The demand for monorail service in a city in 2005 can be approximated by q = -4,500p + 43,100 rides…

Q: ... suming that the total cost per day, C(x), is linearly related to the total output per day, x,…

A: Here is given that fixed cost is $300 total cost =$5100 per day Output 20 boards

Q: A firm can produce 300 units per week. If its total cost function is C = 400 + 1400x dollars and…

A: P(x) = R(x) - C(x) = 1700x - x² - 400 - 1400x = -x² + 300x - 400 Now take the derivative of the…

Q: When priced at $10, one type of software has annual sales of 300 units. For each dollar the software…

Q: The annual total revenue for a product is given by R(x)=30,000x−6x2 dollars, where x is the number…

Q: The business analyst of your company has determined that the number of items sold, q, would be…

Q: The owner of an apartment building can rent all 60 apartments if she charges $1,800 per month, but…

Q: A peach tree will yield 100 pounds of peaches now, which will sell for 40 cents a pound. Each week…

A: We know that , Revenue = price • quantity R( x ) = p(x ) • q ( x )

Q: The demand equation for a manufacturer's product is: D = 210 - 0.3q where q is the number of units…

Q: The annual fixed costs for a plant are $100,000, and the variable costs are $140,000 at 70%…

A: Given: Fixed cost = $100,000 Variable cost = $140,000 Net sales = $280,000

Q: Demand for monorail service in one particular city can be approximated by q =-4,313p+56,525 rides…

A: Given:- Demand for monorail service is q=-4313p+56525 rides per day and fare is $p Hence Revenue=…

Q: The relationship between marketing expenditures (x) and sales (y) is given by the following formula,…

A: Non linear programming is a type of problems used to make the optimization of the objective function…

Q: The price-demand equation for hamburgers at Yaster's Burgers is x+404 p = 3,037, where p is the…

Q: A farmer finds that if she plants 80 trees per acre, each tree will yield 80 bushels of fruit. She…

A: We will use quadratic equations formulae to find solution to the problem .

Q: The Metropolitan Company sells its latest product at a unit price of $2. Variable costs are…

Question

Demand for monorail service in one particular city can be approximated by q =-1,691p +58,123 rides per day when fare is $p. What price should should be charged to maximize daily revenue? Round your answer to two decimal places.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Inequality$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.

Similar questions

If you are performing a break-even analysis for a business and their cost and revenue equations are dependent, explain what this means for the company's profit margins.
The manufacturer of a weight training bench spends $120 to build each bench and sells them for $170. The manufacturer also has fixed costs each month of $150,000. (a) Find the cost function C when x benches are manufactured. (b) Find the revenue function R when x benches are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.
If you graph a revenue and cost function, explain how to determine in what regions there is profit.
On the first part of a 350-kilometer trip, a salesperson travels 2 hours and 15 minutes at an average speed of 100 kilometers per hour. The salesperson needs to arrive at the destination in another hour and 20 minutes. Find the average speed required for the remainder of the trip.
The manufacturer of a water bottle spends $5 to build each bottle and sells them for $10. The manufacturer also has fixed costs each month of $6500. (a) Find the cost function C when x bottles are manufactured. (b) Find the revenue function R when x bottles are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.
If you perform your break-even analysis and there is more than one solution, explain how you would determine which x-values are profit and which are not.
The manufacturer of an energy drink spends $1.20 to make each drink and sells them for $2. The manufacturer also has fixed costs each month of $8,000. (a) Find the cost function C when x energy drinks aremanufactured. (b) Find the revenue function R when x drinks are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the breakeven point means.