Maximum Revenue When a management training company prices its seminar on management techniques at $400 per person, 1,000 people will attend the seminar. The company estimates that for each $5 reduction in price, an additional 20 people will attend the seminar. Let x represent the number of $5 reductions. Use this information to answer questions 1-4 below. 1) We need to maximize____________ , which is the price per seminar ticket times the number of seminar tickets sold. 2) Since price cannot be negative, we have x ≤____________. 3) A negative value of x would result in a price increase. Since the problem is stated in terms of price reductions, we must restrict x so that x ≥_______. 4) The revenue function R(x) has one critical number x =__________ .
Maximum Revenue
When a management training company prices its seminar on management techniques at $400 per person, 1,000 people will attend the seminar. The company estimates that for each $5 reduction in price, an additional 20 people will attend the seminar.
Let x represent the number of $5 reductions.
Use this information to answer questions 1-4 below.
1) We need to maximize____________ , which is the price per seminar ticket times the number of seminar tickets sold.
2) Since price cannot be negative, we have x ≤____________.
3) A negative value of x would result in a price increase.
Since the problem is stated in terms of price reductions, we must restrict x so that x ≥_______.
4) The revenue function R(x) has one critical number x =__________ .
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