A.) When p = $33, q = (343 - 33)^2/100 = 961 units.
q'(p) = -(343 - p) / 50
q'(33) = -(343 - 33)/50 = -6.2
Price elasticity of demand = price / quantity * q'(p) = 33/961 * -6.2 = -0.2129
b.) Revenue = quantity * price = p(343 - p)^2/100
For maximum revenue, dR/dp = 0
-2p(343 - p)/100 + (343 - p)^2/100 = 0
-686p + 2p^2 + 117649 - 686p + p^2 = 0
3p^2 - 1372p + 117649 = 0
p = 343 or p = 114.33
For maximum revenue, he should sell for $114.33
c.) Maximum Revenue = 114.33(343 - 114.33)^2 / 100 = $59,783
Answer:
yes, it is B
Step-by-step explanation:
every input value of x has an unique result value y.
there are no 2 values for x that produce the same result value y.
and there are no multiple result values possible for a subject x value.
bottom line, yes, it is a function, and a 1:1 function at that.
1/64 x 1/4 is the answer (do it on a calc or on paper)
Answer:
Cost of 5 yards of fabric = $5
Step-by-step explanation:
Cost of one foot fabric = $3
John needs fabric = 5 yards
Since, 1 yard = 3 foot
Therefore, 5 yards = 3 × 5
= 15 foot
Total cost of fabric = total length of fabric × Cost of 1 foot fabric
= 15 × 3
= $45
5 yards of fabric will cost $45.