Answer:
19
Step-by-step explanation:
f(x)=2/3
2/3=-1/3x+7
Subtract 7 from both sides
2/3-7=-1/3x
-6 1/3 = -1/3x
Multiply both sides by -3
-3(-6 1/3)=-1/3x(-3)
19 = x
Answer:
The correct answer is NO. The best price to be charged is $3.75
Step-by-step explanation:
Demand equation is given by Q = 30 - 4P, where Q is the quantity of necklaces demanded and P is the price of the necklace.
⇒ 4P = 30 - Q
⇒ P = 
The current price of the necklace $10.
Revenue function is given by R = P × Q =
× ( 30Q -
)
To maximize the revenue function we differentiate the function with respect to Q and equate it to zero.
=
× ( 30 - 2Q) = 0
⇒ Q = 15.
The second order derivative is negative showing that the value of Q is maximum.
Therefore P at Q = 15 is $3.75.
Thus to maximize revenue the price should be $3.75.