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Thread: Maximizing Revenue

  1. #1
    Newbie Swiftler's Avatar
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    Nov 2008
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    Maximizing Revenue

    I'm kinda stuck at part A can someone help me with this please.


    Question: Assume that the demand for tuna in a small coastal town is given by: p = 500,000/q^1.5

    where q is the number of pounds of tuna that can be sold in a month at p dollars per pound. Assume that the fishery wishes to sell at least 5000 pounds of tuna each month.

    A. How much should the fishery charge for tuna in order to maximize
    monthly revenue?

    B. How much tuna will it sell at that price?

    C. What will be its resulting revenue?


    Revenue = p x q
    Last edited by Swiftler; Dec 1st 2008 at 10:39 AM.
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