The daily demand function for x LED lights sold by a major retailer is p = 792.5 -0.25x dollars, and the average cost of sales is C = 240 + 3x dollars. Find the quantity that will maximum profit, the selling price at that quantity and the maximum profit. a) Selling LED lights will maximum profit. b) The selling price at the answer in part (a) is $ c) The maximum profit is $
The daily demand function for x LED lights sold by a major retailer is p = 792.5 -0.25x dollars, and the average cost of sales is C = 240 + 3x dollars. Find the quantity that will maximum profit, the selling price at that quantity and the maximum profit. a) Selling LED lights will maximum profit. b) The selling price at the answer in part (a) is $ c) The maximum profit is $
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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![**Problem Statement:**
The daily demand function for \( x \) LED lights sold by a major retailer is given by:
\[ p = 792.5 - 0.25x \]
dollars.
The average cost of sales is:
\[ \overline{C} = 240 + 3x \]
dollars.
**Objective:**
Find the quantity that will maximize profit, the selling price at that quantity, and the maximum profit.
**Questions:**
a) Selling \(\_\_\_\_\) LED lights will maximize profit.
b) The selling price at the answer in part (a) is \(\$ \_\_\_\_\).
c) The maximum profit is \(\$ \_\_\_\_\).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4df0d9d6-a5af-48e8-af07-cbf992b42454%2Fec3bb40f-2fd2-44d7-bc00-2dff5f2d7e4e%2Ft22it6_processed.png&w=3840&q=75)
Transcribed Image Text:**Problem Statement:**
The daily demand function for \( x \) LED lights sold by a major retailer is given by:
\[ p = 792.5 - 0.25x \]
dollars.
The average cost of sales is:
\[ \overline{C} = 240 + 3x \]
dollars.
**Objective:**
Find the quantity that will maximize profit, the selling price at that quantity, and the maximum profit.
**Questions:**
a) Selling \(\_\_\_\_\) LED lights will maximize profit.
b) The selling price at the answer in part (a) is \(\$ \_\_\_\_\).
c) The maximum profit is \(\$ \_\_\_\_\).
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