SOLUTION: Demand Equation The price (in dollars) and the quantity x sold of a certain product obey the demand equation p= -1/10x+150, 0≤x≤1500
Revenue is x*p.
(a) Express the
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Question 767975: Demand Equation The price (in dollars) and the quantity x sold of a certain product obey the demand equation p= -1/10x+150, 0≤x≤1500
Revenue is x*p.
(a) Express the revenue R as a function of x.
(b) What quantity x maximizes revenue? What is the maximum revenue?
***PLEASE SHOW STEPS!!
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
, 0≤x≤1500
This is a parabola with a maximum since
the coefficient of the term is minus.
Compare the equation with the general form:
-----------
The x-coordinate of the maximum is at
This is the value of that maximizes revenue
Plug this back into the equation
The maximum revenue is $56,250
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