A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. Determine the demand, or price, function. a) b) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? c) Determine the revenue function d) Which of the following results in greater revenue: the sale of 170 CDs or the sale of 200 CDs? Justify your answer. e) Determine the profit function.
A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. Determine the demand, or price, function. a) b) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? c) Determine the revenue function d) Which of the following results in greater revenue: the sale of 170 CDs or the sale of 200 CDs? Justify your answer. e) Determine the profit function.
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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Transcribed Image Text:11. A music store sells an average of 160 CDs per week at $24
each. The cost of producing x music CDs is C(x) = -0.003x²
+ 4.2x + 1000. A market survey indicates that for each 50¢
decrease in price, two additional CDs will be sold per week.
Determine the demand, or price, function.
What is the price of each CD when 170 are solu weekly and
when 200 are sold weekly?
Determine the revenue function
Which of the following results in greater revenue: the sale of
170 CDs or the sale of 200 CDs? Justify your answer.
a)
b)
c)
d)
e)
Determine the profit function.
Transcribed Image Text:f)
Which of the following results in a greater profit: the sale of
170 CDs or the sale of 200 CDs? Justify your answer.
g) Explain the results in part f).
OC
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