A retail outlet sells two types of riding lawn mowers, the prices of which are p, and p2. Using the revenue function below, find p₁ and p₂, in dollars, so as to maximize total revenue. STEP 1: R = 855p1 + 975p2 + 1.5p1P2 - 1.5p12-P22 Determine the partial derivatives. Rp₁ (P1, P2) = P1 Rp2(011 P2) = STEP 2: Set the partial derivatives equal to zero to produce a system of equations. R (2) = = 0 Rp2 (P1 P2) = = 0 STEP 3: Solve the system. P1 P2 = $ $
A retail outlet sells two types of riding lawn mowers, the prices of which are p, and p2. Using the revenue function below, find p₁ and p₂, in dollars, so as to maximize total revenue. STEP 1: R = 855p1 + 975p2 + 1.5p1P2 - 1.5p12-P22 Determine the partial derivatives. Rp₁ (P1, P2) = P1 Rp2(011 P2) = STEP 2: Set the partial derivatives equal to zero to produce a system of equations. R (2) = = 0 Rp2 (P1 P2) = = 0 STEP 3: Solve the system. P1 P2 = $ $
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter2: Functions
Section2.4: Average Rate Of Change Of A Function
Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.
Question

Transcribed Image Text:A retail outlet sells two types of riding lawn mowers, the prices of which are p, and p2. Using the revenue function below, find p₁ and p₂, in dollars, so as to maximize total
revenue.
STEP 1:
R = 855p1 + 975p2 + 1.5p1P2 - 1.5p12-P22
Determine the partial derivatives.
Rp₁ (P1, P2) =
P1
Rp2(011 P2)
=
STEP 2:
Set the partial derivatives equal to zero to produce a system of equations.
R (2) =
= 0
Rp2 (P1 P2) =
= 0
STEP 3:
Solve the system.
P1
P2
=
$
$
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