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.

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.

Step 2

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

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