A toy company is trying to determine the optimal price for their weekly supply to meet the demand for a toy they are about to release. They estimate that the supply function follows p= 0.006q^2 + 0.14q+ 8.62 and the demand function follows p= -1.25q+ 65 , where p is the price of the toy (in dollars) and q is the weekly quantity of the toy (in hundreds). If the company tries to sell the toy for $24, will there be a shortage or surplus of toys each week?
A toy company is trying to determine the optimal price for their weekly supply to meet the demand for a toy they are about to release. They estimate that the supply function follows p= 0.006q^2 + 0.14q+ 8.62 and the demand function follows p= -1.25q+ 65 , where p is the price of the toy (in dollars) and q is the weekly quantity of the toy (in hundreds). If the company tries to sell the toy for $24, will there be a shortage or surplus of toys each week?
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...
Related questions
Question
A toy company is trying to determine the optimal price for their weekly supply to meet the demand for a toy they are about to release. They estimate that the supply function follows p= 0.006q^2 + 0.14q+ 8.62 and the demand function follows p= -1.25q+ 65 , where p is the price of the toy (in dollars) and q is the weekly quantity of the toy (in hundreds). If the company tries to sell the toy for $24, will there be a shortage or surplus of toys each week?
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning