of a large apartment complex knows from experience that 100 units will be occupied if the rent is 490 dollars per month. A market survey suggests that, on the average, The manager one additional unit will remain vacant for each 7 dollar increase in rent. Similarly, one additional unit will be occupied for each 7 dollar decrease in rent. (a) If æ is the number of units rented, and p is the rent per unit in dollars, what is the price-demand equation (assuming it is linear)? P – (b) What is the monthly revenue function for the manager? (Hint: Revenue is the product of the price per item and the number of items.) R(x) =
of a large apartment complex knows from experience that 100 units will be occupied if the rent is 490 dollars per month. A market survey suggests that, on the average, The manager one additional unit will remain vacant for each 7 dollar increase in rent. Similarly, one additional unit will be occupied for each 7 dollar decrease in rent. (a) If æ is the number of units rented, and p is the rent per unit in dollars, what is the price-demand equation (assuming it is linear)? P – (b) What is the monthly revenue function for the manager? (Hint: Revenue is the product of the price per item and the number of items.) R(x) =
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:The manager of a large apartment
complex knows from experience that
100 units will be occupied if the rent is
490 dollars
per
month. A market
survey suggests that, on the average,
one additional unit will remain vacant
for each 7 dollar increase in rent.
Similarly, one additional unit will be
occupied for each 7 dollar decrease in
rent.
(a) If æ is the number of units rented,
and p is the rent per unit in dollars,
what is the price-demand equation
(assuming it is linear)?
P
(b) What is the monthly revenue
function for the manager?
(Hint: Revenue is the product of the
price per item and the number of
items.)
R(x) =
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