Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 1 - Section 1.2 - Functions and Models - Exercises - Page 73: 36d

Answer

$ R(p)=700p^{0.716}\qquad$ million dollars/year $R(70)\approx 14.66$ billion dollars/year

Work Step by Step

Revenue= (price)$\times$(quantity) $R(p)=p\cdot q(p)=p[700p^{-0.284}]$ $R(p)=700p^{1-0.284}$ $ R(p)=700p^{0.716}\qquad$ million dollars/year If p=70, $R(70)=700(70)^{0.716}\approx 14,661.8319241$ $\approx 14.66$ billion dollars/year
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