Determine the selling price and amount of increase of a $450 painting with a 45% markup
1 answer:
You might be interested in
Answer:
The equation that models this scenario
Step-by-step explanation:
First we convert 50 cent into dollar,
1 cent = dollar
1 cent = 0.01 dollar
50 cent = 0.5 dollar
According to question,
x is the number of 50¢=$0.5 price increases.
b(x) is the revenue generated
He currently charges $3 per book.
i.e. price of book = 3+0.5x
Quantity or average = 38 per day
According to a study, for every 50¢ increase in rental price, the average business can expect to lose 4 rentals a day.
i.e. quantity became 38-4x
Revenue = Price × Quantity
The required equation is given by,