Please help me with this homework

[melissarosario]

Maximum Revenue Help

Terric Wears Inc., a clothing rm determines that the demand for their suits is given by d = 2(175-p),
where d represents the demand and p represents the price of a suit. (Recall that Revenue=PriceDemand,
Profit=Revenue-Cost.)
(1) Find the selling price for a suit that will generate maximum revenue.

(2) How many suits are likely to be sold at that price in (1)?

(3) What is the maximum revenue?
Additional research shows that the cost of producing x suits is given by: C(x) = 350 + 0:75x.

(4) Find an expression which will determine the prot the company would make on selling x suits.


(5) Determine the number of suits that the company must produce and sell in order to make maximum
prot.

(6) Determine that maximum profit.

(7) At what price should a suit be sold in order to maximize profit?

 

[Otis]

the demand for their suits is given by d = 2(175?p)

Hi. Will you please confirm that this is the demand function that you were given.

As the price of an item increases, demand for that item generally decreases. But, the formula above says that demand increases for these suits when the price goes up. (The slope of the line is positive.)

Also, have you done any work on these questions? If not, are you stuck on the meaning of some words in the assignment?

Thank you! :cool:

 

[melissarosario]

Hi. Will you please confirm that this is the demand function that you were given.

As the price of an item increases, demand for that item generally decreases. But, the formula above says that demand increases for these suits when the price goes up. (The slope of the line is positive.)

Also, have you done any work on these questions? If not, are you stuck on the meaning of some words in the assignment?

Thank you! :cool:

Yes, that is the demand function. Im stuck on how to start question #1

 

[Steven G]

Terric Wears Inc., a clothing rm determines that the demand for their suits is given by d = 2(175?p),
where d represents the demand and p represents the price of a suit. (Recall that Revenue=PriceDemand,
Profit=Revenue-Cost.)
(1) Find the selling price for a suit that will generate maximum revenue.

(2) How many suits are likely to be sold at that price in (1)?

(3) What is the maximum revenue?
Additional research shows that the cost of producing x suits is given by: C(x) = 350 + 0:75x.

(4) Find an expression which will determine the prot the company would make on selling x suits.


(5) Determine the number of suits that the company must produce and sell in order to make maximum
prot.

(6) Determine that maximum profit.

(7) At what price should a suit be sold in order to maximize profit?

Hi, This forum is a math help forum. That is you do not get to post problems and someone will solve it for you. You simply have to show us your attempt and we will guide you from there, but again you must show us some effort.

 

[melissarosario]

Hi, This forum is a math help forum. That is you do not get to post problems and someone will solve it for you. You simply have to show us your attempt and we will guide you from there, but again you must show us some effort.

I dont expect anyone to just give me a straight up answer. Thats why I said I dont know how to start the first question, in other words, if someone could guide me.

 

[Steven G]

I dont expect anyone to just give me a straight up answer. Thats why I said I dont know how to start the first question, in other words, if someone could guide me.

OK, good. But 1st you need to supply the demand function as it come up scrambled on my computer.

 

[melissarosario]

OK, good. But 1st you need to supply the demand function as it come up scrambled on my computer.

Alright, it's d=2(175-p).

 

[Deleted member 4993]

Terric Wears Inc., a clothing rm determines that the demand for their suits is given by d = 2(175-p),
where d represents the demand and p represents the price of a suit. (Recall that Revenue=PriceDemand,
Profit=Revenue-Cost.)
(1) Find the selling price for a suit that will generate maximum revenue.

You need to get an equation for the Revenue from the given statement → Revenue (R) = Price(p) * Demand (d)