Please explain in steps..I am totally lost
A company that manufactures pencil sharpeners has collected the price-demand data. A linear regression model for price-demand data is p = d(x) = 3 − 0.0002x where x is the number of pencil sharpeners (in thousands) that the company can sell at a price of $p. Find the price that maximizes the company's revenue from the sale of pencil sharpeners.
2007-10-17 08:08:04 · 3 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
The question is copied and pasted directly from the homework..so that is all the info that is given...
2007-10-17 08:52:31 · update #1
Are you sure this formula is correct? As it stands I don't think the problem can be soved. Is there some more data you have left out?
I admit to not having had any expeience in demand calculations but my algebra is the equal of many.
2007-10-17 08:25:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-12-29 15:12:51 · answer #2 · answered by dragoo 4 · 0⤊ 0⤋
This does not make sense to me. It seems you are saying that price and demand are the same thing.
2007-10-17 08:21:32 · answer #3 · answered by ironduke8159 7 · 1⤊ 0⤋