The owner of an apartment building can rent all 60 apartments if she charges $1,600 per month, but she rents one fewer apartment for each $50 increase in monthly rent. (a) Construct a table that gives the revenue generated if she charges $1,600, $1,650, and $1,700. Rent | Total Revenue $1,600 $ 96000 $1,650 $97350 $1,700 $ 986000 No. of Apts 60 59 58 (b) Does her revenue from apartment rentals increase or decrease as she increases the rent from $1,600 to $1,700? o revenue increases O revenue decreases (c) Write an equation that gives the revenue R, from apartment rentals if she makes x increases of $50 in the rent. R(x) = -50x² +1400x +96000 (d) Find the rent she should charge to maximize her revenue. $ per month
The owner of an apartment building can rent all 60 apartments if she charges $1,600 per month, but she rents one fewer apartment for each $50 increase in monthly rent. (a) Construct a table that gives the revenue generated if she charges $1,600, $1,650, and $1,700. Rent | Total Revenue $1,600 $ 96000 $1,650 $97350 $1,700 $ 986000 No. of Apts 60 59 58 (b) Does her revenue from apartment rentals increase or decrease as she increases the rent from $1,600 to $1,700? o revenue increases O revenue decreases (c) Write an equation that gives the revenue R, from apartment rentals if she makes x increases of $50 in the rent. R(x) = -50x² +1400x +96000 (d) Find the rent she should charge to maximize her revenue. $ per month
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please complete part D for both
Thank you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education