document.write( "Question 1063765: Jack & Jill charge $23 for a custom painted water pail. They currently sell 110 water pails a month. They estimate that for each $1 decrease in the cost of the pails, they could sell 10 more pails a month. What price will maximize Jack & Jill's income? If they charges this price, how much income should they expect? \n" ); document.write( "

Algebra.Com's Answer #678898 by MathTherapy(10552) $\"\"$ $\"About$

You can put this solution on YOUR website!

\n" ); document.write( "Jack & Jill charge $23 for a custom painted water pail. They currently sell 110 water pails a month. They estimate that for each $1 decrease in the cost of the pails, they could sell 10 more pails a month. What price will maximize Jack & Jill's income? If they charges this price, how much income should they expect?
\n" ); document.write( "

The equation you need is: .
\n" );
document.write( "After FOILing the binomials, find the value of x (number of PRICE INCREASES), which is also the value that MAXIMIZES revenue, or R(x), by
\n" );
document.write( "using the formula for the x coordinate of the vertex ().
\n" );
document.write( "Substitute the value of x into the above equation or the FOILed form to get R(x), or maximum revenue.
\n" );
document.write( "Hint: You should get MAXIMUM REVENUE of:  \n" );
document.write( "

\n" );