A new business is going to start up. The initial market analysis reveals that the demand for the product follows an exponential growth model. Upon talking to some experienced business owners in your line of venture you learned that the demand for the product was 3000 units at a price of $11 and when the price was increased to $13 the demand was 2200.
A. What quantity should you produce and at what price should you sell it to maximize your profit?
Carbon 14 half life is about 5700 years. An old object found has about 0.87g of C14 left, it is estimated that when the old object was made had 5 grams of C14. How old is the old object?
The demand for product is give by p= 40-.03x for 0< x < 3000
A. What is the price elasticity when x = 2500
B. What are the values of x and p that maximizes revenue
C. Show that the quantity that maximizes the profit gives you unit elasticity ?