5 Use a spreadsheet to numerically verify the result of Exercises 1-55.
For Exercises 23-28 find the maximum profit and the number of units that must be produced and sold in order to yield the maximum profit, Assume that revenue, R(x), and cost, C(x), are in dollars for
Exercises 23-26
Vanity license plates. According to a pricing model, increasing the fee for vanity license plates by $1 decreases the percentage of a state’s population that will request them by 0.04% (Source: E. D. Craft, “The demand for vanity (plates): Elasticities, net revenue maximization, and deadweight loss, “ Contemporary Economic Policy, Vol,20, 133−144(2002)
)
a. Recently, the tee for vanity license plates in Maryland was $25, and the percentage of the state’s population that had vanity plates was 2 13% Use this information to construct the demand function, q(x), for the percentage of Maryland’s population that will request vanity license plates for a fee of x dollars.
b. Find the fee, x, that will maximize revenue from vanity plates
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Chapter 2 Solutions
CALCULUS & ITS APPLICATIONS+MYMATHLAB
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