A shoe store sells about 200 pairs of a new basketball shoe each month when it charges $60 per pair. For each $1 increase in pri
ce, about 2 fewer pairs per month are sold. How much per pair should the store charge to maximize monthly revenue? What is the maximum revenue?
1 answer:
Answer:x = the number of $1 increases in price
Price = ($60 + $1x) = (60+x)
Pairs of shoes (200 - 2x)
You have a quadratic Revenue = (60+x)(200-2x)
The quad max is when x = 20
Therefore they should charge 60+ 20 = $80
Step-by-step explanation:
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