Question

A store can sell 20 bicycles per week at a price of $400 each. The manager...

A store can sell 20 bicycles per week at a price of $400 each. The manager estimates that for each $10 price reduction she can sell two more bicycles per week. The bicycles cost $200 each. If x stands for the number of $10 price reductions, find the price p and the quatity q as function of x, find the revenue function, cost function, profit function, and use these information to find how many bicycles must be sold and at what price to obtain a maximum profit. Please provide also the maximum profit value.

Math   Calculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
        A computer dealer can sell 12 personal computers per week at a price of $2000...
        A computer dealer can sell 12 personal computers per week at a price of $2000 each. He estimates that each $400 price decrease will result in three more sales per week. If the computers cost him $1200 each, what price should he charge to maximize his profit? How many will he sell at that price?
A store selling art supplies finds that it can sell x sketch pads per week at...
A store selling art supplies finds that it can sell x sketch pads per week at p dollars each, according to the formula x=800−400p. Write formulas for R(p) and R(x). Then find the revenue obtained by selling the pads for $1.60 each.
The number x of printer cartridges that a store will sell per week and their price...
The number x of printer cartridges that a store will sell per week and their price p (in dollars) are related by the equation x2 = 1620 − 5p2. If the price is falling at the rate of $1 per week, find how the sales will change if the current price is $12.
You can sell 130 pet chias per week if they are marked at $1 each, but...
You can sell 130 pet chias per week if they are marked at $1 each, but only 90 each week if they are marked at $2/chia. Your chia supplier is prepared to sell you 70 chias each week if they are marked at $1/chia, and 150 each week if they are marked at $2 per chia. (a) Write down the associated linear demand and supply functions. demand function     q(p) = supply function     q(p) = (b) At what price should the...
A local pizzeria sells 400 medium pizzas per week at a price of $10 each. The...
A local pizzeria sells 400 medium pizzas per week at a price of $10 each. The price elasticity of demand for its pizza is −4. In the scenario above, if the pizzeria cuts the price by 10%, it will sell _____ pizzas per week. 360 240 520 440 560 In the scenario above, as a result of the 10% price cut, the pizzeria's total revenue will: Increase by 17% Decrease by 10% Increase by 26% Remain unchanged Decreased by 19%
retired potter can produce pitchers at a cost of $5 each. He estimates his price function...
retired potter can produce pitchers at a cost of $5 each. He estimates his price function to be p = 19 − 0.5x, where p is the price at which exactly x pitchers will be sold per week. Find the number of pitchers that he should produce and the price that he should charge in order to maximize profit. Also find the maximum profit. quantity     pitchers price $ profit $
The price P per unit at which a company can sell all that it produces is...
The price P per unit at which a company can sell all that it produces is given by the function P(x) = 300 — 4x. The cost function is c(x) = 500 + 28x where x is the number of units produced. Find x so that the profit is maximum. Answer the following question. Q1. Find the value of x. Q2. In using regression analysis for making predictions what are the assumptions involved. Q3. What is a simple linear regression...
JMC manufacturers sells 500 units per week at 29 dollars per unit. If the price is...
JMC manufacturers sells 500 units per week at 29 dollars per unit. If the price is reduced by one dollar, 20 more units will be sold. In addition, the cost function for JMC Manufacturers is also given by ?(?) = 40? + 10000 a. To maximize the revenue, find the following: I. [2 marks]. The number of units sold number of units sold. II. [2 marks]. The maximum revenue. b. [2 marks]. Find the value of x that maximizes the...
In an earlier week, an online music store sold 1000 albums at a price $10 per...
In an earlier week, an online music store sold 1000 albums at a price $10 per album. When price was lowered to $7, the number of albums sold rose to 1500 albums per week. a. What is the linear demand function? b. What is the demand if price is raised to $12 per album? c. What is the revenue when price is $12 per album?
?Raggs, Ltd. a clothing? firm, determines that in order to sell x? suits, the price per...
?Raggs, Ltd. a clothing? firm, determines that in order to sell x? suits, the price per suit must be p=180?0.75x. It also determines that the total cost of producing x suits is given by C(x)=4000+0.75x^2. ?a) Find the total? revenue, R(x)= ?b) Find the total? profit, P(x)= ?c) How many suits must the company produce and sell in order to maximize? profit? ?d) What is the maximum? profit? ?e) What price per suit must be charged in order to maximize?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT