The manager of a 70-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a rent of $800 all of the units will be full. On 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.)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%

1

The manager of a 70-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a
rent of $800 all of the units will be full. On 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.)
Transcribed Image Text:The manager of a 70-unit apartment complex is trying to decide what rent to charge. Experience has shown that at a rent of $800 all of the units will be full. On 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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman