Answered: An automobile dealer can sell 12 cars…

Name: An automobile dealer can sell 12 cars per day at a price of $20,000. H
Uploaded: 2024-03-20T07:07:26.000Z
Channel: Bartleby
Description: An automobile dealer can sell 12 cars per day at a price of $20,000. He estimates that for each $300 price reduction he can sell two more cars per day. If each car costs him $17,000, and fixed costs are $1000, what price should he charge to maximize

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter4: Rational Expressions

Section4.CM: Cumulative Review Problem Set

Problem 48CM

See similar textbooks

Related questions

Topic Video

Question

An automobile dealer can sell 12 cars per day at a price of $20,000. He estimates that for each $300 price reduction he can sell two more cars per day. If each car costs him $17,000, and fixed costs are $1000, what price should he charge to maximize his profit? How many cars will he sell at this price?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 6 images

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

Now, we can find the revenue function by multiplying the price function by the quantity function and simplifying.

R(x)	=	p(x)q(x)

	=	(20,000 − 300x)(12 + 2x)

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

$Optimization$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.

Similar questions