1. A band on tour typically sells promo t-shirts for $20 each, and sells 12,000 shirts at that price. When they raise the price to $25, they sell 10,000 t- shirts. 0 4000 8000 10,000 12,000 14,000 16,000 20,000 a. Assume the price-demand relationship is linear. Find the equation that gives price as a function of the number of t-shirts sold. b. According to the model, at what price will no t-shirts be sold? c. Fill in the table showing the relationship between t-shirts sold, price, and revenue. X = number of shirts sold Y = price $25 $20 Revenue = price times number of shirts sold

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Question

urgnt

1. A band on tour typically sells promo t-shirts for $20 each, and sells 12,000
shirts at that price. When they raise the price to $25, they sell 10,000 t-
shirts.
0
4000
8000
10,000
12,000
14,000
16,000
20,000
a. Assume the price-demand relationship is linear. Find the equation that
gives price as a function of the number of t-shirts sold.
b. According to the model, at what price will no t-shirts be sold?
c. Fill in the table showing the relationship between t-shirts sold, price,
and revenue.
X = number of shirts sold
Y = price
$25
$20
Revenue = price times
number of shirts sold
d. Use the table to show a sketch of revenue as a function of the number
of t-shirts sold.
Transcribed Image Text:1. A band on tour typically sells promo t-shirts for $20 each, and sells 12,000 shirts at that price. When they raise the price to $25, they sell 10,000 t- shirts. 0 4000 8000 10,000 12,000 14,000 16,000 20,000 a. Assume the price-demand relationship is linear. Find the equation that gives price as a function of the number of t-shirts sold. b. According to the model, at what price will no t-shirts be sold? c. Fill in the table showing the relationship between t-shirts sold, price, and revenue. X = number of shirts sold Y = price $25 $20 Revenue = price times number of shirts sold d. Use the table to show a sketch of revenue as a function of the number of t-shirts sold.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,