Explanation Given information: The price of each chair will be $90 for chairs up to 300 and for above 300 the price will be reduced to $0.25 per chair for every additional chair over 300 ordered. Formula used: If the second derivative of the function f ' ' > 0 , the function f is concave up and hence the global maximum occurs. If the second derivative of the function f ' ' < 0 , the function f is concave down and hence the global minimum occurs. Calculation: Let x be the number of chair greater than 300. Then the price is P = ( 90 − 0.25 x ) ( 300 + x ) Differentiating with respect to ‘x’, we get P ' = ( − 0.25 ) ( 300 + x ) + ( 90 − 0.25 x ) ( 1 ) = − 0.5 x + 15 To find the critical points, put P ' = 0

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Chapter 4.4, Problem 28P

To determine

To find:

The largest and the smallest revenues.

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Chapter 4 Solutions

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The largest and the smallest revenues.

Solution Summary: The author explains that the maximum price is 27225 for 330 chairs and the minimum is 0 for no chairs.

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To find: The largest and the smallest revenues.

Chapter 4 Solutions

To find:

The largest and the smallest revenues.