An oil-producing country can sell 7 million barrels of oil a day at a price of $110 per barrel. If each $1 price increase will result in a sales decrease of 100,000 barrels per day, what price will maximize the country'srevenue?$How many barrels will it sell at that price?barrels

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Answered: An oil-producing country can sell 7…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.CR: Review Problem Set

Problem 80CR

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Graph on the number line: (a) x2 (b) x3 (c) x1
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In Example 3, if the accountant earns a profit of 100 on each individual return and a profit of 175 on each business return, find the maximum profit. An accountant prepares tax returns for individuals and for small businesses. On average, each individual return requires 3 hours of her time and 1 hour of computer time. Each business return requires 4 hours of her time and 2 hours of computer time. Because of other business considerations, her time is limited to 240 hours, and the computer time is limited to 100 hours. If she earns a profit of 80 on each individual return and a profit of 150 on each business return, how many returns of each type should she prepare to maximize her profit?
Graph on the number line: (a) x1 (b) x2 (c) x3

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An oil-producing country can sell 7 million barrels of oil a day at a price of $110 per barrel. If each $1 price increase will result in a sales decrease of 100,000 barrels per day, what price will maximize the country's revenue? $ How many barrels will it sell at that price? barrels