Math Problem Statement
Solution
The question asks for solving various parts related to the demand equation, which is given as:
Where:
- is the price in dollars.
- is the quantity sold of a certain product.
Let's analyze each part of the problem:
(a) Find a model that expresses the revenue as a function of .
We know that revenue is given by the formula:
Substitute into this equation:
Simplify this:
This is the revenue function in terms of .
(b) What is the domain of , assuming that ?
To find the domain, we ensure the revenue is nonnegative, i.e., .
We already have:
This is a quadratic equation, and the revenue will be non-negative between the roots of the equation:
Factor this equation:
So, or .
Therefore, the domain is .
(c) What price maximizes revenue?
Since the revenue function is quadratic and opens downward (as the coefficient of is negative), the price that maximizes revenue is at the vertex of the parabola. The formula for the vertex is:
For , and . Substituting into the vertex formula:
Thus, the price that maximizes revenue is .
(d) What is the maximum revenue?
To find the maximum revenue, substitute into the revenue function:
The maximum revenue is .
(e) How many units are sold at this price?
We use the demand equation and substitute :
So, 100 units are sold at this price.
(f) Graph and choose the correct graph.
The revenue function is a downward-opening parabola. Based on the calculated maximum at and , the correct graph is D.
Would you like more details on any part of this solution?
Here are five related questions:
- How do you calculate the roots of a quadratic function?
- What happens to the revenue if the price increases beyond the maximum?
- How can you find the vertex of a parabola algebraically?
- How do we interpret the negative coefficient of in the revenue function?
- What other factors can affect the domain of a revenue function?
Tip: When solving quadratic functions, always check if the parabola opens upwards or downwards, as this determines whether the vertex is a maximum or minimum.
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Math Problem Analysis
Mathematical Concepts
Revenue Function
Demand Equation
Quadratic Functions
Maximization
Formulas
R = p × x
x = -5p + 200
Vertex formula: p = -b / (2a)
Quadratic equation: ax^2 + bx + c = 0
Theorems
Quadratic Formula
Maximization using Vertex of a Parabola
Suitable Grade Level
Grades 9-11
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