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5 March, 21:20

The price p and the quantity x sold of a small flat-screen television set obeys the demand equation below.

a) How much should be charged for the television set if there are 70

television sets in stock?

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  1. 5 March, 21:24
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    The price p and quantity x sold of a small flat screen television set obeys the demand equation below.

    p = -.14x+280

    :

    a. How much should be charged for the television set if there are 60 television sets in stock? Round to nearest cent

    p = -.14 (60) + 280

    p = - 8.4 + 280

    p = $271.60

    :

    b. What quantity x will maximize revenue?

    Rev = qty * price

    R (x) = x (-.14x+280)

    R (x) -.14x^2 + 280x

    The axis of symmetry is the qty for max revenue; x = - b / (2a)

    x =

    x = + 1000 tv's for max rev

    :

    What is the maximum revenue?

    rev = -.14 (1000^2) + 280 (1000)

    rev = - 140000 + 280000

    rev = $140,000

    :

    :

    c. What price should be charged in order to maximize revenue?

    p = -.14x + 280

    p = -.14 (1000) + 280

    p = - 140 + 280

    p = $140
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