Demand for an electric fan is related to its selling price p (in dollars) by the equation n = 1960 − 70 p where n is the number
of fans that can be sold per month at a price p . Find the selling price that will maximize the revenue.
1 answer:
Answer:
$14
Step-by-step explanation:
The revenue from sales of fans is the product of the number of fans sold and the price at which they are sold:
R(p) = n·p = (1960-70p)p
R(p) = 70(28 -p)p
This equation describes a parabola that opens downward and has zeros at p=0 and p=28. The axis of symmetry is halfway between those zeros, at p=14. It goes through the vertex or point of maximum revenue.
The price for maximum revenue is p = 14 dollars.
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Answer:
a. 0.71
b. 0.9863
Step-by-step explanation:
a. From the histogram, the relative frequency of houses with a value less than 500,000 is 0.34 and 0.37
-#The probability can therefore be calculated as:
Hence, the probability of the house value being less than 500,000 is o.71
b.
-From the info provided, we calculate the mean=403 and the standard deviation is 278 The probability that the mean value of a sample of n=40 is less than 500000 can be calculated as below:
Hence, the probability that the mean value of 40 randomly selected houses is less than 500,000 is 0.9863