Find the production level that will maximize revenue

Reference no: EM132389955

Questions -

Q1. Suppose that the price per unit in dollars of a cell phone production is modeled by p = $45 - 0.0125x, where x is in thousands of phones produced, and the revenue represented by thousands of dollars is R = x ⋅ p. Find the production level that will maximize revenue.

Q2. A soccer stadium holds 62,000 spectators. With a ticket price of $11, the average attendance has been 26,000. When the price dropped to $9, the average attendance rose to 31,000. Assuming that attendance is linearly related to ticket price, what ticket price would maximize revenue?

Q3. The revenue function of a fictional cable company can be modeled by the polynomial function:

R(t) = -0.037t⁴ + 1.414t³ - 19.777t² + 118.696t - 205.332

where R represents the revenue in millions of dollars and t represents the year, with t = 1 corresponding to 2001. Using MS-Excel, create a graph of the Revenue Function and determine over which intervals is the revenue for the company increasing? Over which intervals is the revenue for the company decreasing?

Reference no: EM132389955

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