The following function is a company's price function, where p is the price (in dollars) at which quantity x (in thousands) will be sold. p = 800e−0.1x (a) Find the revenue function  R(x).  [Hint: Revenue is price times quantity, p · x.] R(x) =        (b) Find the quantity and price that will maximize revenue. (Round your answers to two decimal places.) x  =     thousand units p  =  $

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter9: Quadratic Functions And Equations
Section9.6: Solving Quadratic Equations By Using The Quadratic Formula
Problem 64PFA
icon
Related questions
Question
The following function is a company's price function, where p is the price (in dollars) at which quantity x (in thousands) will be sold.
p = 800e−0.1x
(a)
Find the revenue function 
R(x).
 [Hint: Revenue is price times quantity, p · x.]
R(x) = 
 
 
 
(b)
Find the quantity and price that will maximize revenue. (Round your answers to two decimal places.)
x  =     thousand units
p  =  $  
Expert Solution
steps

Step by step

Solved in 4 steps with 6 images

Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage