Suppose you have a biased coin that comes up heads 3/4 of the time.
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Answer:
In order to make the maximum profit, the company should sell each widget at (the currency isn't given, so I'll be assuming USD) $36.
Step-by-step explanation:
The amount of profit <em>y</em> made by the company from selling each widget at <em>x</em> price is modeled by the equation:
Since this is a quadratic with a negative leading coefficient, its maximum will occur at its vertex point. We want to find the price that the widget should be sold to make the maximum profit. So, we want to find the <em>x-</em>coordinate of the vertex. This is given by the formula:
In this case, <em>a</em> = -1, <em>b</em> = 72, and <em>c</em> = -458. Substitute and evaluate:
In order to make the maximum profit, the company should sell each widget at (the currency isn't given, so I'll be assuming USD) $36.