The Karachi city transit system carries 24800 bus riders per day for a fare of $1.85. The city hopes to reduce car pollution by getting more people to ride the bus, while maximizing the transit system’s revenue at the same time. A survey indicates that the number of riders will increase by 800 for every $0.05 decrease in the fare. What fare will produce the greatest revenue? Also compute marginal revenue.
The Karachi city transit system carries 24800 bus riders per day for a fare of $1.85. The city hopes to reduce car pollution by getting more people to ride the bus, while maximizing the transit system’s revenue at the same time. A survey indicates that the number of riders will increase by 800 for every $0.05 decrease in the fare. What fare will produce the greatest revenue? Also compute marginal 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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The Karachi city transit system carries 24800 bus riders per day for a fare of
$1.85. The city hopes to reduce car pollution by getting more people to ride the
bus, while maximizing the transit system’s revenue at the same time. A survey
indicates that the number of riders will increase by 800 for every $0.05 decrease
in the fare. What fare will produce the greatest revenue? Also compute marginal
revenue.
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