A coffee shop currently sells 470 lattes a day at $3.50 each. They recently tried raising the by price by $0.25 a latte, and found that they sold 50 less lattes a day. a) Assume that the number of lattes they sell in a day, 'N, is linearly related to the sale price, 'p' (in dollars). Find an equation for N as a function of p. N(p)= b) Revenue (the amount of money the store brings in before costs) can be found by multiplying the cost per cup times the number of cups sold. Again using p as the sales price, use your equation from above to write an equation for the revenue, R as a function of p. R(p) = c) The store wants to maximize their revenue (make as much money as possible). Find the value of ò that will maximize the revenue (round to the nearest cent).
A coffee shop currently sells 470 lattes a day at $3.50 each. They recently tried raising the by price by $0.25 a latte, and found that they sold 50 less lattes a day. a) Assume that the number of lattes they sell in a day, 'N, is linearly related to the sale price, 'p' (in dollars). Find an equation for N as a function of p. N(p)= b) Revenue (the amount of money the store brings in before costs) can be found by multiplying the cost per cup times the number of cups sold. Again using p as the sales price, use your equation from above to write an equation for the revenue, R as a function of p. R(p) = c) The store wants to maximize their revenue (make as much money as possible). Find the value of ò that will maximize the revenue (round to the nearest cent).
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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