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 630: 35d

Answer

$P=-10p^{2}+430p-4200$ Maximum profit is ${{\$}} 422.50$ when entrance fee is ${{\$}} 21.50$.

Work Step by Step

$P=R-C\quad $, use the results of parts b and c. $P=-10p^{2}+430p-4200$. The graph is a parabola, opening down. The maximum profit occurs at the vertex, when $p=-b/(2a)$ $p=-\displaystyle \frac{430}{-2\times 10}= {{\$}} 21.50$ The corresponding profit is $P=-10(21.50)^{2}+430(21.50)-4200$ $={{\$}} 422.50$
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