12. A certain product is available in two versions: an ordinary one and a luxury version. Market researchshows that a total of 20 000 people will buy the product, and that their decision about the versionis determined by the prices. The relation between the amounts sold of the two versions (q1 and 92,respectively) and the unit prices (p₁ and p2) is given by 91 = 40 000-2p₁ and 92 = 20 000 + P1-P2-a. Translate the information that a total of 20 000 people will buy the product into an equationrelating the unit prices p₁ and p2.b. Set up an equation for the total revenue r in terms of p₁.c. Use the first and second derivative to determine p₁ such that the revenue is maximal.Pid. Check your result by making the graph of the function r(p₁).e. Explain in which sense you can actually draw a stronger conclusion from the graph in question d.than from the calculations in question c.f. Find the corresponding values of 92 and r.

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Answered: A certain product is available in two…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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