Concept explainers
Maximum profit. Refer to Problem 64. If the GPS devices cost the store $220 each, find the price (to the nearest cent) that maximizes the profit. What is the maximum profit (to the nearest dollar)?
64. Marginal analysis. The price-demand equation for a GPS device is
where x is the monthly demand and p is the price in dollars. Find the production level and price per unit that produce the maximum revenue. What is the maximum revenue?
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Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
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