SOLUTION: Last year a store sold 600 hats for $15 a peice. Increasing the price this year, For every $1 increase they will sell 30 less hats.
what should the selling price be for max profit
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what should the selling price be for max profit
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Question 599096: Last year a store sold 600 hats for $15 a peice. Increasing the price this year, For every $1 increase they will sell 30 less hats.
what should the selling price be for max profit.
Max revenue,
I used the equation (600 - 30x) (15 +1x) but I don't know if that's right.
The final answer is $17.50 per hat and a total profit of $9187.5 but I don't know how to get there Answer by flame8855(424) (Show Source):
You can put this solution on YOUR website! the equatio is right
now for determining the maximum value for x set the derivative of the equation equal to zero
f(x)=(600 - 30x) (15 +1x) = 9000+600x-450x-30x^2
f'(x)= 600-450-60x=0
150=60x , x=5/2=2.5
maximun value for hat : 15+x=15+2.5=17.5
f(x) is the total profit = (600-30(2.5))(17.5)= 9187.5
