Answer:
(a) 140
(b) $1,400
Explanation:
Price of the trip = $1,800 per person
The boat can accommodate 250 passengers.
Since the price of the ticket is reduced by $10 per person if at least 100 passengers sign up.
P(n) = n{1,800 - (n - 100)10}
= n{1,800 - 10n + 1000
P(n) = 2,800n -
We have to maximize P(n) = 800n -
subject to 0≤ n ≤250
P'(n) = 2,800 - 20n
P"(n) = -20
For critical points, solve the equation P'(n) = 0
2,800 - 20n = 0
n = 140
P"(140) = -20 < 0
n = 140 is a point of maxima.
Thus, the number of passenger is 140.
Revenue = P(140)
= 2,800(140) -
= 392,000 - 196,000
= $196,000
Therefore,
Price paid by each passenger:
= $1,400
Similar products that a client may employ for the same purpose are substitute goods. If the product they prefer is offered, your customers might buy it, but they might also look at alternatives if the price, the product's availability, or its quality changes. The demand for an item is frequently affected by these changes as well.
Two or more products that can be created using the same resources are considered substitutes-in-production. Sellers are prevented from using resources to make another good when they produce one. Produce either the first or the second, but not both. Producing alternative crops like corn or soybeans is a common challenge for farmers.
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Answer: $190,000
Explanation:
The recorded value of the new equipment will be the summation of the trade in allowance and the cash that was paid. This will be:
= $108,000 + $82,000
= $190,000