Finite Math and Applied Calculus (6th Edition)

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

Chapter 9 - Section 9.1 - Quadratic Functions and Models - Exercises - Page 629: 29b

Answer

Price: ${{\$}} 4.61$, Maximum daily revenue = ${{\$}} 95,680.56$

Work Step by Step

$R=pq$ $R(p)=-4500p^{2}+41,500p$. The graph of $R(p)$ is a parabola that opens down (leading coefficient is negative). The vertex is the point of maximum. $-b/(2a)=-\displaystyle \frac{41,500}{-2\times 4500}={{\$}} 4.61$ The corresponding daily revenue is $R={{\$}} 95680.55$
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