Chapter 10.3, Problem 12E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

If club members charge $5 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show? Find the maximum revenue.

To determine

**To calculate:** The price that yields maximum revenue and the maximum revenue for

Explanation

**Given Information:**

For

**Formula used:**

If

And

Where

**Calculation:**

Assume that

As, the number of persons attending show cannot be negative so,

Therefore,

The absolute maxima and absolute minima will occur only at the critical points. To calculate the critical points of the revenue function, find the first derivative of the function:

Use

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