A manufacturer of a popular digital camera wholesales the camera to retail outlets throughout the world. Using statistical methods, the financial department in the company produced the following price-demand function and corresponding revenue function. p(x)=94.8-5x R(x)=x(94.8-5x) Where p(x) is the wholesale price per camera at which x million cameras can be sold and R(x) is the corresponding revenue (in millions of dollars). Both functions have a domain of 1 less and equal than x less and equal than 15 Find the value of x to the nearest thousand cameras that will generate the maximum revenue. What is the maximum revenue? What is the wholesales price per camera that generates the maximum revenue? What is the company's break-even point(s) if the cost function is C(x)=156+19.7x
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A manufacturer of a popular digital camera wholesales the camera to retail outlets throughout the world. Using statistical methods, the financial department in the company produced the following price-demand function and corresponding revenue function.
p(x)=94.8-5x
R(x)=x(94.8-5x)
Where p(x) is the wholesale price per camera at which x million cameras can be sold and R(x) is the corresponding revenue (in millions of dollars). Both functions have a domain of
1 less and equal than x less and equal than 15
Find the value of x to the nearest thousand cameras that will generate the maximum revenue. What is the maximum revenue?
What is the wholesales price per camera that generates the maximum revenue?
What is the company's break-even point(s) if the cost function is
C(x)=156+19.7x
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