Please answer this question in the easiest way possibleconsidering I have a test
ID: 3089955 • Letter: P
Question
Please answer this question in the easiest way possibleconsidering I have a test tomorrow. Thank you sooo much and pleasetry and answer this asap! 30) A store sells portable CD players for $100 each , and atthis price the store sells 120 CD players every month. The owner ofthe store wishes to increase his profit, and he estimates that forevery $2 increase in the price of the CD players, one less CDplayer will be sold each month. If each CD player costs the store$70, at what price should the store sell the CD players to maximizeprofit? Please answer this question in the easiest way possibleconsidering I have a test tomorrow. Thank you sooo much and pleasetry and answer this asap! 30) A store sells portable CD players for $100 each , and atthis price the store sells 120 CD players every month. The owner ofthe store wishes to increase his profit, and he estimates that forevery $2 increase in the price of the CD players, one less CDplayer will be sold each month. If each CD player costs the store$70, at what price should the store sell the CD players to maximizeprofit?Explanation / Answer
The hardest part of these is setting up the equation. So I just started with some notes and developed an equation thatmade since. (Price-cost)*quantity=Profit Price+2x means Quantity-x (100-70)*120=$3600 (102-70)*119=$3808 So I realized that I could get a good equation from that and thenyou just grind it out y=(30+2x)*(120-x) y=3600+240x-30x-2x2 y=3600+210x-2x2 take the derivative y'=210-4x set it equal to 0 0=210-4x -210=-4x 52=x So the final price should be 100+2x 100+2*52=$204 Profit will be (204-70)*(120-52)=$9112