Tickets to a movie cost $7.25 for adults and $5.50 for students. A group of friends purchased 8 tickets for a total price of $52
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The demand equation illustrates the price of an item and how it relates to the demand of the item.
- The slope of the demand function is -1/2
- The equation of the demand function is:
- The price that maximizes her revenue is: Ghc 85
From the question, we have:
The number of plates (x) decreases by 10, while the price (y) increases by 5. The table of value is:
The slope (m) is calculated using:
So, we have:
The equation of the demand is as follows:
The initial number of plates (300) decreases by 10 is represented as: (300 - 10x).
Similarly, the initial price (20) increases by 5 is represented as: (20 + 5x).
So, the demand equation is:
Open the brackets to calculate the maximum revenue
Equate to 0
Differentiate with respect to x
Collect like terms
Divide by 100
So, the price at maximum revenue is:
In conclusion:
- The slope of the demand function is -1/2
- The equation of the demand function is:
- The price that maximizes her revenue is: Ghc 85
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