During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for $10 each and his sales averaged 20 per day. When he increased the price by $1, he found that the average decreased by two sales per day. (a) Find the demand function (price p as a function of units sold x), assuming that it is linear. P(x) = (b) If the material for each necklace costs Terry $8, what should the selling price be to maximize his profit? 2$ per necklace

During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for $10 each and his sales averaged 20 per day. When he increased the price by $1, he found that the average decreased by two sales per day. (a) Find the demand function (price p as a function of units sold x), assuming that it is linear. P(x) = (b) If the material for each necklace costs Terry $8, what should the selling price be to maximize his profit? 2$ per necklace

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter2: Functions

Section2.4: Average Rate Of Change Of A Function

Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.

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