revenue, R = (8+x)(36-3x)
cost, C = 4x
profit = revenue - cost
John makes and sells necklaces. He has observed over time that when the price is $ 8 each, he sells an average of 36 per day. If he increases the price, then his average sales fall by 3 per day for each dollar increase. The materials for each necklace cost $4. Express his profit P as a function of x, the number of necklaces sold.
P(x) = ?
John makes and sells necklaces. He has observed over time that when the price is $ 8 each, he sells an average of 36 per day. If he increases the price, then his average sales fall by 3 per day for each dollar increase. The materials for each necklace cost $4. Express his profit P as a function of x, the number of necklaces sold.
I tried that:
Revenue: (8+x)(36-3x)
Cost: 4x
So Profit: (8+x)(36-3*x)-4*x
But it is incorrect because i am using X to detonate a price increase, whereas x should be used to detonate the number of necklaces sold..
How do you do that?
A very very similar question has previously been asked by another member and replied to: http://www.mathhelpforum.com/math-he...n-formula.html