Owners of a bike rental company that charges customers between $3 and $20 per day have determined that the number of bikes rented per day n can be modeled by the linear function n(p)=100-5p, where p is the daily rental charge. Suppose that the company wanted to determine "How much should the company charge each customer per day to maximize revenue? Which steps below are necessary on this problem to use methods of calculus to find the maximum revenue? Choose the 2 correct answers from below. Use the first or second derivative test or the extreme value theorem to find the maximum revenue. Graph n(p) and find the maximum. Find a function that represents the revenue. V Find the values of the revenue functior only at x=3 and x=20. One of those must maximize the revenue. Find the derivative of n(p) to find critical values. Then evaluate n(p) at the critical values. The highest value you get must be the maximum revenue.
Owners of a bike rental company that charges customers between $3 and $20 per day have determined that the number of bikes rented per day n can be modeled by the linear function n(p)=100-5p, where p is the daily rental charge. Suppose that the company wanted to determine "How much should the company charge each customer per day to maximize revenue? Which steps below are necessary on this problem to use methods of calculus to find the maximum revenue? Choose the 2 correct answers from below. Use the first or second derivative test or the extreme value theorem to find the maximum revenue. Graph n(p) and find the maximum. Find a function that represents the revenue. V Find the values of the revenue functior only at x=3 and x=20. One of those must maximize the revenue. Find the derivative of n(p) to find critical values. Then evaluate n(p) at the critical values. The highest value you get must be the maximum revenue.
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:Owners of a bike rental company that charges customers between $3 and $20 per day
have determined that the number of bikes rented per day n can be modeled by the linear
function n(p)=100-5p, where p is the daily rental charge.
Suppose that the company wanted to determine "How much should the company charge
each customer per day to maximize revenue?
Which steps below are necessary on this problem to use methods of calculus to find the
maximum revenue? Choose the 2 correct answers from below.
N Use the first or second derivative test or the extreme value theorem to find the maximum revenue.
Graph n(p) and find the maximum.
Find a function that represents the revenue.
V Find the values of the revenue function only at x=3 and x=20. One of those must maximize the
revenue.
Find the derivative of n(p) to find critical values. Then evaluate n(p) at the critical values. The
highest value you get must be the maximum revenue.
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