Owners of a boat rental company that charges customers between $95 and $475 per day have determined that the number of boats rented per day n can be modeled by the linear function n(p)=950−2p, where p is the daily rental charge. How much should the company charge each customer per day to maximize revenue? Do not include units or a dollar sign in your answer.

Question
Asked Apr 13, 2019

Owners of a boat rental company that charges customers between $95 and $475 per day have determined that the number of boats rented per day n can be modeled by the linear function n(p)=950−2p, where p is the daily rental charge. How much should the company charge each customer per day to maximize revenue? Do not include units or a dollar sign in your answer.

check_circleExpert Solution
Step 1

Since p be the daily rental charges and n(p) be the number of boats rented per day, so revenue R(p)=n(p) p, To get the value of p , at which revenue is maximum ,we solve the equation R'(p)=0.

fullscreen
Step 2

Since, at p=237.5 , the value of R''(p)<0, so...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour*

See Solution
*Response times may vary by subject and question
Tagged in

Math

Calculus

Related Calculus Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: I need help with this please. How do I find the volume generated by revolving the region bounded by ...

A: Given information:The region bounded by y = -sinx and y=0, from x= -2pi to x=0, about the x-axis

question_answer

Q: Optimization Problem A rectangle is constructed with its base on the diameter of a semicircle with r...

A: a)Let x and y be the base and height of the rectangle, respectively.Given that, the rectangle is con...

question_answer

Q: Evaluate the integral.   Integral from nothing to nothing hyperbolic cotangent StartFraction x Over ...

A: Refer to the integral,Rewrite the hyperbolic cotangent as,

question_answer

Q: f(x)= 16x2-4x+2; x=1 (a) Find the derivative, by using the definition (b) Find the instantaneous rat...

A: (A) Found the derivative using the definition. Answer: f'(x)=32x-4

question_answer

Q: Find the exact value of log10(15/4)+log10(4000/15)

A: Given information:The given expression is  

question_answer

Q: what are the steps to solving |x-4| &gt; 9

A: We have to solve the inequality.Inequality is given below:

question_answer

Q: How can I get the result? Which is the result?

A: The given functions are,

question_answer

Q: Let G=3f-g, where the graphs of f and g are shown in the figure.  Find the derivative. G`(2)

A: G(x) = 3f(x) - g(x)we have to find the derviative of G(x) and x = 2

question_answer

Q: What is the velocity at time t for a car that begins accelerating at a rate of 4 feet per second squ...

A: To determine the velocity from the given conditions