Mathematics, 26.05.2020 20:01 haily13
In planning a restaurant, it is estimated that a profit of $10 per seat will be made if the number of seats is no more than 40 inclusive. On the other hand, the profit on each seat will decrease by 20 cents for each seat above 40. a)Find the number of seats that will produce the maximum profit.
b) What is the maximum profit?
2) A store sells 180,000 cases of a product annually. It costs $12 to store 1 case for 1 year and $10 to produce 1 lot. Find the number of lots that should be ordered each time. Show your work and give your answer as a complete sentence.
3) For a certain good we have q = f(p) = 200e^(-0.4p)
a) Find the elasticity of demand at price p = $50.
b) At p = $50, is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means for this product.
c) Find the elasticity of demand at price p = $20.
d) At p = $20, is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means for this product.
Answers: 1
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In planning a restaurant, it is estimated that a profit of $10 per seat will be made if the number o...
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