You sell candy at an event to make money. When candy are sold for $1.10 per bag, approximately 625 bags are sold at each event. You tried to raise the price to $1.35 and found that the quantity demanded dropped to 525 bags. The startup cost was $500 and the cost to you per bag of peanuts is $0.50. Assume that the demand function is linear and write a function that models the profit from selling x bags of peanuts at an event. What number of bags and what price per bag will get you a maximum profit?
You sell candy at an event to make money. When candy are sold for $1.10 per bag, approximately 625 bags are sold at each event. You tried to raise the price to $1.35 and found that the quantity demanded dropped to 525 bags. The startup cost was $500 and the cost to you per bag of peanuts is $0.50. Assume that the demand function is linear and write a function that models the profit from selling x bags of peanuts at an event. What number of bags and what price per bag will get you a maximum profit?
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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You sell candy at an event to make money. When candy are sold for $1.10 per bag, approximately 625 bags are sold at each event. You tried to raise the price to $1.35 and found that the quantity demanded dropped to 525 bags. The startup cost was $500 and the cost to you per bag of peanuts is $0.50.
Assume that the demand function is linear and write a function that models the profit from selling x bags of peanuts at an event.
What number of bags and what price per bag will get you a maximum profit?
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