The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is the number of barrels of oil on hand (in millions). a) How much should be charged for a barrel of oil if there are 8 million barrels on hand? b) What quantity x will maximize revenue? c) What price should be charged in order to maximize revenue? a) What should be charged for the units in stock? (Round to the nearest cent as needed.) b) What quantity will maximize the revenue? $ 1 p== -x + 132 5 $ million units c) What price should be charged for the maximum revenue? (Round to the nearest cent as needed.)
The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is the number of barrels of oil on hand (in millions). a) How much should be charged for a barrel of oil if there are 8 million barrels on hand? b) What quantity x will maximize revenue? c) What price should be charged in order to maximize revenue? a) What should be charged for the units in stock? (Round to the nearest cent as needed.) b) What quantity will maximize the revenue? $ 1 p== -x + 132 5 $ million units c) What price should be charged for the maximum revenue? (Round to the nearest cent as needed.)
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter12: Quadratic Functions
Section12.8: Joint And Combined Variation
Problem 3P
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![The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is
the number of barrels of oil on hand (in millions).
a) How much should be charged for a barrel of oil if there are 8 million barrels on hand?
b) What quantity x will maximize revenue?
c) What price should be charged in order to maximize revenue?
$
p=
a) What should be charged for the units in stock?
(Round to the nearest cent as needed.)
b) What quantity will maximize the revenue?
1
--x+132
=—=—×
$
million units
c) What price should be charged for the maximum revenue?
(Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c3541e1-5e06-431d-ac0c-cc0370504735%2F43b25fbd-99dc-470b-97eb-c6b8feeea330%2F9lclr19_processed.png&w=3840&q=75)
Transcribed Image Text:The dollar price for a barrel of oil sold at a certain oil refinery tends to follow the demand equation below, where x is
the number of barrels of oil on hand (in millions).
a) How much should be charged for a barrel of oil if there are 8 million barrels on hand?
b) What quantity x will maximize revenue?
c) What price should be charged in order to maximize revenue?
$
p=
a) What should be charged for the units in stock?
(Round to the nearest cent as needed.)
b) What quantity will maximize the revenue?
1
--x+132
=—=—×
$
million units
c) What price should be charged for the maximum revenue?
(Round to the nearest cent as needed.)
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