The demand for monorail service in a city in 2005 can be approximated by q = −4,500p + 41,700 rides per day when the fare was $p. Find the function R for total daily revenue in dollars, in terms of p only, subject to any constraints. R(p) = Find R′(p). R′(p) = What price (in dollars) should have been charged to maximize total daily revenue? (Round your answer to the nearest cent.) p = $
The demand for monorail service in a city in 2005 can be approximated by q = −4,500p + 41,700 rides per day when the fare was $p. Find the function R for total daily revenue in dollars, in terms of p only, subject to any constraints. R(p) = Find R′(p). R′(p) = What price (in dollars) should have been charged to maximize total daily revenue? (Round your answer to the nearest cent.) p = $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The demand for monorail service in a city in 2005 can be approximated by
q = −4,500p + 41,700 rides per day when the fare was $p.
Find the function R for total daily revenue in dollars, in terms of p only, subject to any constraints.
R(p) =
Find R′(p).
R′(p) =
What price (in dollars) should have been charged to maximize total daily revenue? (Round your answer to the nearest cent.)
p = $
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