ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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A street vendor constructs the table below on the basis of sales data. (Note: Consumer expenditure and revenue are terms for the same thing from different perspectives. Consumer expenditure is the
amount of money that consumers spend on a product, and revenue is the amount of money that businesses take in by selling the product.)
Sales of Roses, Given the Price per Dozen
Sales
(dozen roses)
Price
(dollars)
20
25
30
32
(a) Find a quadratic function for the model of the data that gives the quantity sold at x dollars, data from 20 sxs 32. (Round all numerical values to three decimal places.)
S(x) =
169
159
134
94
(b) Find a function for the model for consumer expenditure (revenue for the vendor), where x is the price in dollars, data from 20 sxs 32. (Round all numerical values to three decimal
places.)
R(x)=
Need Help?
(c) What price should the street vendor charge to maximize consumer expenditure? (Round your answer to two decimal places.)
(d) If each dozen roses costs the vendor $11, what price should he charge to maximize his profit? (Round your answer to two decimal places.)
Pleadi
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Transcribed Image Text:A street vendor constructs the table below on the basis of sales data. (Note: Consumer expenditure and revenue are terms for the same thing from different perspectives. Consumer expenditure is the amount of money that consumers spend on a product, and revenue is the amount of money that businesses take in by selling the product.) Sales of Roses, Given the Price per Dozen Sales (dozen roses) Price (dollars) 20 25 30 32 (a) Find a quadratic function for the model of the data that gives the quantity sold at x dollars, data from 20 sxs 32. (Round all numerical values to three decimal places.) S(x) = 169 159 134 94 (b) Find a function for the model for consumer expenditure (revenue for the vendor), where x is the price in dollars, data from 20 sxs 32. (Round all numerical values to three decimal places.) R(x)= Need Help? (c) What price should the street vendor charge to maximize consumer expenditure? (Round your answer to two decimal places.) (d) If each dozen roses costs the vendor $11, what price should he charge to maximize his profit? (Round your answer to two decimal places.) Pleadi
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