The financial department of the company that produces digital cameras arrived at the following price-demand function and the corresponding revenue function: p(x) = 94.8 – 5x R(x) = xp(x) = x(94.8 - 5x) – Price-demand function Revenue function where p(x)is the wholesale price per camera at which x million cameras can be sold and R(x) is the corresponding revenue (in millions of dollars). Both functions have domain 1 ≤ x ≤ 15. (a) Find the value of x to the nearest thousand cameras that will generate the maximum revenue. What is the maximum revenue to the nearest thousand dollars? Solve the problem algebraically by completing the square (b) What is the wholesale price per camera (to the nearest dollar) that generates the maximum revenue?
The financial department of the company that produces digital cameras arrived at the following price-demand function and the corresponding revenue function: p(x) = 94.8 – 5x R(x) = xp(x) = x(94.8 - 5x) – Price-demand function Revenue function where p(x)is the wholesale price per camera at which x million cameras can be sold and R(x) is the corresponding revenue (in millions of dollars). Both functions have domain 1 ≤ x ≤ 15. (a) Find the value of x to the nearest thousand cameras that will generate the maximum revenue. What is the maximum revenue to the nearest thousand dollars? Solve the problem algebraically by completing the square (b) What is the wholesale price per camera (to the nearest dollar) that generates 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:The financial department of the company that produces digital cameras arrived
at the following price-demand function and the corresponding revenue function:
p(x) = 94.8 - 5x
Price-demand function
R(x) = xp(x) = x(94.8 - 5x)
–
Revenue function
where p(x) is the wholesale price per camera at which x million cameras can be
sold and R(x) is the corresponding revenue (in millions of dollars). Both functions
have domain 1 ≤ x ≤ 15.
(a) Find the value of x to the nearest thousand cameras that will generate the
maximum revenue. What is the maximum revenue to the nearest thousand
dollars? Solve the problem algebraically by completing the square
(b) What is the wholesale price per camera (to the nearest dollar) that
generates the maximum revenue?
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