The price at which revenue is maximized is $ 157, and maximum annual revenue is $ 6751.
Since at HD Sport & Fitness gym, analysis shows that, as the demand of the gym, the number of members is 83 when annual membership fee is $ 17 per member and the number of members is 81 when annual membership fee is $ 24 per member, and the number of members and membership fee have a linear relationship, to determine at what membership price is the maximized revenue, and what is the maximum annual revenue, the following calculations must be performed:
- 17 x 83 = 1411
- 24 x 81 = 1944
- 31 x 79 = 2449
- 38 x 77 = 2926
- 66 x 69 = 4554
- 73 x 67 = 4891
- 80 x 65 = 5200
- 94 x 61 = 5734
- 101 x 59 = 5959
- 122 x 53 = 6466
- 129 x 51 = 6579
- 150 x 45 = 6750
- 157 x 43 = 6751
- 164 x 41 = 6724
Therefore, the price at which revenue is maximized is $ 157, and maximum annual revenue is $ 6751.
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Step-by-step answer:
The domain of log functions (any legitimate base) requires that the argument evaluates to a positive real number.
For example, the domain of log(4x) will remain positive when x>0.
The domain of log_4(x+3) requires that x+3 >0, i.e. x>-3.
Finally, the domain of log_2(x-3) is such that x-3>0, or x>3.
