Concept explainers
Maximizing Revenue The price (in dollars) and the quantity sold of a certain product obey the demand equation
,
(a) Express the revenue as a function of .
(b) What is the revenue if 20 units are sold?
(c) What quantity maximizes revenue? What is the maximum revenue?
(d) What price should the company charge to maximize revenue?
(e) What price should the company charge to earn at least in revenue?
Trending nowThis is a popular solution!
Chapter 3 Solutions
Student's Solutions Manual for Precalculus Enhanced with Graphing Utilites
Additional Math Textbook Solutions
Single Variable Calculus: Early Transcendentals (2nd Edition) - Standalone book
University Calculus: Early Transcendentals (3rd Edition)
University Calculus: Early Transcendentals (4th Edition)
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (4th Edition)
- Marking ice cream An ice cream store sells two new flavors: Fantasy and Excess. Each barrel of Fantasy requires 4 pounds of nuts and 3 pounds of chocolate and has a profit of 500. Each barrel of Excess requires 4 pounds of nuts and 2 pounds of chocolate and has a profit of 400. There are 16 pounds of nuts and 18 pounds of chocolate in stock, and the owner does not want to buy more for this batch. How many barrels of each should be made for a maximum profit? Find the maximum profit.arrow_forwardSelling concert tickets Tickets for a concert are cheaper when purchased in quantity. The first 100 tickets are priced at 10 each, but each additional block of 100 tickets purchased decreases the cost of each ticket by 50. How many blocks of tickets should be sold to maximize the revenue?arrow_forwardProfit The demand equation for a microwave oven is given by p=1400.0001x, where p is the unit price (in dollars) of the microwave oven and x is the number of units sold. The cost equation for the microwave oven is C=80x+150,000, where C is the total cost (in dollars) and x is the number of units produced. The total profit P obtained by producing and selling x units is modeled by P=xpC. (a) Find the profit function P in terms of x. (b) Find the profit when 250,000 units are sold. (c) Find the unit price when 250,000 units are sold. (d) Find (if possible) the unit price that will yield a profit of 10 million dollars. If not possible, explain why.arrow_forward
- Trigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning