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Thread: Maximize Revenue

  1. Feb 10th 2013, 03:13 PM #1
    spyder12
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    Maximize Revenue

    The price of an item is given by the equation
    where is the number of items demanded. What should the number of items be to maximize the producers total revenue?

    Number of items demanded to maximize revenue: ______________________________
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  2. Feb 10th 2013, 03:48 PM #2
    chiro
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    Re: Maximize Revenue

    Hey spyder12.

    Show us what you have tried.
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  3. Feb 10th 2013, 03:58 PM #3
    spyder12
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    Re: Maximize Revenue

    That's the problem. I'm not sure where to start.
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  4. Feb 10th 2013, 04:01 PM #4
    chiro
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    Re: Maximize Revenue

    Think about revenue in terms of price: If the price of an item is p(x) and you order x items, then what is the revenue as a function of x? Also given r(x) (the revenue), how do you find minimums and maximums for said function?
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