document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=980230>Question 980230</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is the number of barrels of oil on hand (in millions).. <BR>\n" );
document.write( " p= -1/4x+160 <BR>\n" );
document.write( " a. How much should be charged for a barrel of oil if there are 3 million barrels on hand? Round to nearest cent <BR>\n" );
document.write( " b. What quantity x will maximize revenue? <BR>\n" );
document.write( " c. What price should be charges in order to maximize revenue?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #601425 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=601425\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is the number of barrels of oil on hand (in millions)..<BR>\n" );
document.write( "p = -1/4x+160<BR>\n" );
document.write( "we can write this as<BR>\n" );
document.write( "p = -.25x + 160<BR>\n" );
document.write( ":<BR>\n" );
document.write( "a. How much should be charged for a barrel of oil if there are 3 million barrels on hand?<BR>\n" );
document.write( "p = -.25(3) + 160<BR>\n" );
document.write( "p = -.75 + 160<BR>\n" );
document.write( "p = $159.25 a barrel<BR>\n" );
document.write( ":<BR>\n" );
document.write( "b. What quantity x will maximize revenue?<BR>\n" );
document.write( "r(x) = x(-.25x + 160)<BR>\n" );
document.write( "r)x) = -.25x^2 + 160x<BR>\n" );
document.write( "Find the axis of symmetry of this equation x = -b/(2a)<BR>\n" );
document.write( "x = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28-160%29%2F%282%2A-.25%29 ALIGN=MIDDLE  ALT=\"%28-160%29%2F%282%2A-.25%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "x = 320 million barrels<BR>\n" );
document.write( ":<BR>\n" );
document.write( "c. What price should be charges in order to maximize revenue? <BR>\n" );
document.write( "p = -.25(320) + 160<BR>\n" );
document.write( "p = -80 + 160<BR>\n" );
document.write( "p = $80 a barrel<BR>\n" );
document.write( ": </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );