Question

Tiffany sells boiled taters for $10 a plate. She sells 50 plates a week for a total of ($10)(50) = $500 each week, which is not enough to fund her growing sheep empire. She would like to increase this revenue to $600 a week or more, but for every dollar, she increases the prices, she will sell two fewer plates of boiled taters. For example, if she increases the price to $14 per plate of taters, she will sell only 42 plates per week.
At what price should Tiffany sell her boiled tater plates in order to maximize her revenue?

Answer 1

Tiffany should sell her boiled tater plates in order to maximize her revenue at $15 per plate.

What is revenue?

• Revenue in accounting refers to the entire amount of money made through the sale of products and services that are essential to the company's core operations.
• Sales or turnover are other terms used to describe commercial revenue. Some businesses make money from royalties, interest, or other fees.

Given that,

Number of plates: 50

cost per plate=10

Total=50x10=500

Revenue generated with  two fewer plates of boiled taters:

11X48=528

12X46=552

13X44=572

14X42=588

15X40=600

Tiffany should sell her boiled tater plates in order to maximize her revenue at $15 per plate.

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