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Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203

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Chapter
Section
BuyFindarrow_forward

Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203
Textbook Problem

Revenue The Better Baby Buggy Co. has just come out with a new model, the Turbo. The market research department predicts that the demand equation for Turbos is given by q = 2 p + 320 , where q is the number of buggies the company can sell in a month if the price is $p per buggy. At what price should it sell the buggies to get the largest revenue? What is the largest monthly revenue?

To determine

To calculate: The price $p

per turbo at which market research department of the better baby buggy should sell its turbos to get the largest revenue. Also calculate the largest monthly revenue. The demand equation for the turbos is,

q=2p+320

Explanation

Given Information:

The provided demand equation is:

q=2p+320

Formula Used:

The relationship between Revenue and Price is,

Revenue=(Price)(Demand)R(p)=(p)(q)

Calculation:

Consider the given demand equation,

q=0.5p+140

The relationship between Revenue and Price is,

Revenue=(Price)(Demand)R(p)=(p)(q)

Substitute 2p+320 for q

in Revenue equation:

R(p)=(p)(q)=p(2p+320)=2p2+320p

Therefore, the total Revenue R

as a function of the price p

per item for the given demand equation is R(p)=2p2+320p.

Consider the given annual income equation, R(p)=2p2+320p

Compare the equation R(p)=2p2+320p with the standard function f(x)=ax2+bx+c and find the value of a,b and c

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