If club members charge $3 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show?
If club members charge $3 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show?
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter3: Solving Equation And Problems
Section3.4: Using Equations To Solve Problems
Problem 31P
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If club members charge $3 admission to a classic car show, 1000 people will attend, and for each $1 increase in price, 100 fewer people will attend. What price will give the maximum revenue for the show?
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Step 1: Introduce to the given information
VIEWStep 2: Determining the Revenue function
VIEWStep 3: Determining the critical value
VIEWStep 4: Verifying that the revenue is maximum at the critical point using second derivative test
VIEWStep 5: Determining the price that will give the maximum revenue for the show
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