Concept explainers
(a)
The revenue
certain product follows the demand equation
(a)
Answer to Problem 24CR
Solution:
The revenue
Explanation of Solution
Given information:
The price
The revenue
Here,
By substituting the value of
It gives
Now, by simplifying it,
Hence, the revenue as a function of
(b)
The revenue
(b)
Answer to Problem 24CR
Solution:
The revenue when
Explanation of Solution
Given information:
The price
From part (a)
The revenue
For
By substituting
Hence, the revenue when
(c)
The quantity
(c)
Answer to Problem 24CR
Solution:
The quantity
The maximum revenue is
Explanation of Solution
Given information:
The price
From part (a),
The revenue
Here, revenue
By comparing the quadratic function
Since
The
By substituting value of b and a in
Thus, the
So the quantity
Now, to determine the maximum revenue for that substitute
Thus, the maximum revenue is
(d)
The price should be charged by the company to maximize the revenue.
(d)
Answer to Problem 24CR
Solution:
The price should be charged by company to maximize the revenue is
Explanation of Solution
Given information:
The price
From part (c),
The revenue is maximizes for the quantity
By substituting
Thus, the price charged by company should be
Chapter 4 Solutions
Precalculus Enhanced with Graphing Utilities
Additional Math Textbook Solutions
Precalculus Enhanced with Graphing Utilities (7th Edition)
Calculus and Its Applications (11th Edition)
Calculus: Early Transcendentals (2nd Edition)
Calculus & Its Applications (14th Edition)
University Calculus: Early Transcendentals (3rd Edition)
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning