Student Solutions Manual for Waner/Costenoble's Finite Math and Applied Calculus, 7th

7th Edition

ISBN: 9781337275972

Author: Waner, Stefan; Costenoble, Steven

Publisher: Cengage Learning

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Textbook Question

Chapter 12.6, Problem 22E

Modeling Linear Demand You have been hired as a marketing consultant by Big Book Publishing, Inc., and you have been approached to determine the best-selling price for the hit calculus text by Whiner and Istanbul entitled Fun with Derivatives. You decide to make life easy and assume that the demand equation for Fun with Derivatives has the linear form q = m p + b , where p is the price per book, q is the demand in annual sales, and m and b are certain constants you must determine.

a. Your market studies reveal the following sales figures: When the price is set at $50.00 per book, the sales amount to 10,000 per year; when the price is set at $80.00 per book, the sales drop to 1,000 per year. Use these data to calculate the demand equation.

b. Now estimate the unit price that maximizes annual revenue and predict what Big Book Publishing, Inc.’s annual revenue will be at that price.

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Chapter 12.6, Problem 21E

Chapter 12.6, Problem 23E

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Chapter 12 Solutions

Student Solutions Manual for Waner/Costenoble's Finite Math and Applied Calculus, 7th

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Solution Summary: The author calculates the demand equation using q=-300p+25000.

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