Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 104 units of their portable media player each week when the price is set at $109.20 per unit. At a unit price of $50.40, consumers are willing to buy 300 units per week. (a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related. (b) Determine the weekly revenue function. R(x) = (c) Determine the number of units consumers will demand weekly when the price is $67.80 per portable media player. units (d) Determine the number of units consumers will demand weekly when the revenue is maximized. units (e) Determine the price of each unit when the revenue is maximized. dollars
Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 104 units of their portable media player each week when the price is set at $109.20 per unit. At a unit price of $50.40, consumers are willing to buy 300 units per week. (a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related. (b) Determine the weekly revenue function. R(x) = (c) Determine the number of units consumers will demand weekly when the price is $67.80 per portable media player. units (d) Determine the number of units consumers will demand weekly when the revenue is maximized. units (e) Determine the price of each unit when the revenue is maximized. dollars
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...
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