company produces a special new type of TV. The company has fixed costs of $486,000, and it costs $1200 to produce each TV. The company projects that if it charges a price of $2500 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2200. Assume a linear demand. What price should be set to earn maximum profits?

company produces a special new type of TV. The company has fixed costs of $486,000, and it costs $1200 to produce each TV. The company projects that if it charges a price of $2500 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2200. Assume a linear demand. What price should be set to earn maximum profits?

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter6: Linear Systems

Section6.8: Linear Programming

Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...

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Question

A company produces a special new type of TV. The company has fixed costs of

$486,000,

and it costs

$1200

to produce each TV. The company projects that if it charges a price of

$2500

for the TV, it will be able to sell

750

TVs. If the company wants to sell

800

TVs, however, it must lower the price to

$2200.

Assume a linear demand.

What price should be set to earn maximum profits?

It is

$enter your response here

per TV.

(Round answer to two decimal places.)

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