The manager of a 60-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a rent of $700 all of the units will be full. On the average, one additional unit will be vacant for each $25 increase in rent. Answer parts (a) through (e) below. (a) Let x represent the number of $25 increases. Find an expression for the rent for each apartment. The rent for each apartment is given by ☐ (b) Find an expression for the number of apartments rented. The number of apartments rented is given by ☐. (c) Find an expression for the total revenue received from all rented apartments. R(x)= (d) What value of x leads to maximum revenue? The maximum revenue will happen when x = ☐ (Round to the nearest whole number as needed.) (e) What is the maximum revenue? The maximum revenue is $ (Round to the nearest whole number as needed.) Enter your answer in each of the answer boxes.
The manager of a 60-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a rent of $700 all of the units will be full. On the average, one additional unit will be vacant for each $25 increase in rent. Answer parts (a) through (e) below. (a) Let x represent the number of $25 increases. Find an expression for the rent for each apartment. The rent for each apartment is given by ☐ (b) Find an expression for the number of apartments rented. The number of apartments rented is given by ☐. (c) Find an expression for the total revenue received from all rented apartments. R(x)= (d) What value of x leads to maximum revenue? The maximum revenue will happen when x = ☐ (Round to the nearest whole number as needed.) (e) What is the maximum revenue? The maximum revenue is $ (Round to the nearest whole number as needed.) Enter your answer in each of the answer boxes.
Chapter9: Aggregate Expenditures
Section: Chapter Questions
Problem 14E
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Transcribed Image Text:The manager of a 60-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a rent of $700 all of the units will be full. On the average, one additional unit will be vacant for each $25 increase in rent.
Answer parts (a) through (e) below.
(a) Let x represent the number of $25 increases. Find an expression for the rent for each apartment.
The rent for each apartment is given by ☐
(b) Find an expression for the number of apartments rented.
The number of apartments rented is given by ☐.
(c) Find an expression for the total revenue received from all rented apartments.
R(x)=
(d) What value of x leads to maximum revenue?
The maximum revenue will happen when x = ☐
(Round to the nearest whole number as needed.)
(e) What is the maximum revenue?
The maximum revenue is $
(Round to the nearest whole number as needed.)
Enter your answer in each of the answer boxes.
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