The demand for face masks is given by p =-3 In(x) + 10 with domain [1, 28] where x is the number of face masks (in thousands) that can be sold at a price of Sp. How should the face masks be priced in order to maximize the revenie? 4.

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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The problem given is as follows:

4. The demand for face masks is given by the equation \( p = -3 \ln(x) + 10 \), with the domain \([1, 28]\). In this equation, \( x \) represents the number of face masks (in thousands) that can be sold at a price of \( p \) dollars. The task is to determine the pricing of the face masks in order to maximize the revenue.

This is an application of maximizing a function within the context of economics. To solve the problem, you would typically set up the revenue function \( R(x) = x \cdot p(x) \), where \( p(x) = -3 \ln(x) + 10 \), and find its maximum over the given domain. 

No graphs or diagrams are present in the image.
Transcribed Image Text:The problem given is as follows: 4. The demand for face masks is given by the equation \( p = -3 \ln(x) + 10 \), with the domain \([1, 28]\). In this equation, \( x \) represents the number of face masks (in thousands) that can be sold at a price of \( p \) dollars. The task is to determine the pricing of the face masks in order to maximize the revenue. This is an application of maximizing a function within the context of economics. To solve the problem, you would typically set up the revenue function \( R(x) = x \cdot p(x) \), where \( p(x) = -3 \ln(x) + 10 \), and find its maximum over the given domain. No graphs or diagrams are present in the image.
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