SOLUTION: Hello, I have a question involving the below questions (d, e and f). I have a demand and profit equation: Demand equation: P = -x + 62 Profit equation: P = -x^2

Question 173055: Hello,

I have a question involving the below questions (d, e and f). I have a demand and profit equation:

Demand equation: P = -x + 62

Profit equation: P = -x^2 + 56x � 300

I�m pretty sure the answers (a,b and c) are correct using the Profit equation

a. What is the profit made from selling 20 tile sets per month? $420
b. What is the profit made from selling 25 tile sets each month? $475
c. What is the profit made from selling no tile sets each month? -$300

Where I�m lost is on questions (d, e and f) below. Is there any way to figure this out? I never heard of trial and error to find a solution? I really would appreciate any help.

d. Use trial and error to find the quantity of tile sets per month that yields the highest profit. (I guess the Profit equation above would be used but how?)

e. How much profit would you earn from the number you found in part question �d�?

f. What price would you sell the tile sets at to realize this profit (hint, use the demand equation from above)?

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
I have a question involving the below questions (d, e and f). I have a demand and profit equation:
Demand equation: P = -x + 62
Profit equation: P = -x^2 + 56x � 300
I�m pretty sure the answers (a,b and c) are correct using the Profit equation
a. What is the profit made from selling 20 tile sets per month? $420
b. What is the profit made from selling 25 tile sets each month? $475
c. What is the profit made from selling no tile sets each month? -$300
Where I�m lost is on questions (d, e and f) below. Is there any way to figure this out? I never heard of trial and error to find a solution? I really would appreciate any help.
d. Use trial and error to find the quantity of tile sets per month that yields the highest profit. (I guess the Profit equation above would be used but how?)
---
Profit equation: P(x) = -x^2 + 56x � 300
-----------------
Ans: They want you to experiment
So try some values like x = 10,20,25,30
Comment: The maximum profit value occurs when x = 28
------------------------------------------------------
e. How much profit would you earn from the number you found in part question �d�?
Find P(286) = -28^2 + 56*28 -300 = 484
-------------------------------------------------
f. What price would you sell the tile sets at to realize this profit (hint, use the demand equation from above)?
Price = -x + 62
Price = -28 + 62 = 34
==============================
Cheers,
Stan H.

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