SOLUTION: assume that you sell 65 sandwiches for $1 each. if you lose 8 customers each time you raise the price $.10 what is the price that will produce the greatest amount of sales? what is

Question 308990: assume that you sell 65 sandwiches for $1 each. if you lose 8 customers each time you raise the price $.10 what is the price that will produce the greatest amount of sales? what is the amount of revenue that you will bring in? solve using quadratics
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
assume that you sell 65 sandwiches for $1 each. if you lose 8 customers each time you raise the price $.10 what is the price that will produce the greatest amount of sales? what is the amount of revenue that you will bring in? solve using quadratics
:
Let x = no. of .10 increases & no. of 8 customer decreases
:
Revenue = price * no. sold
R(x) = (1 + .10x)(65 - 8x)
FOIL
R(x) = 65 - 8x + 6.5x - .8x^2
R(x) = 65 - 1.5x - .8x^2
A quadratic equation
y = -.8x^2 - 1.5x + 65
Find the axis of symmetry; x = -b/(2a), a=-.8, b=-1.5
x =
x =
x = -.9375; a negative value means any .10 increase makes you lose money
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