Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

7.3 please assist with the following 6. [-/4 Points] BERRAPCALC7 7.3.030. PRACTICE ANOTHER An airline flying to a Midwest destination can sell 20 coach-class tickets

image text in transcribedimage text in transcribedimage text in transcribed

7.3 please assist with the following

image text in transcribedimage text in transcribedimage text in transcribed
6. [-/4 Points] BERRAPCALC7 7.3.030. PRACTICE ANOTHER An airline flying to a Midwest destination can sell 20 coach-class tickets per day at a price of $250 and ten business-class tickets per day at a price of $750. It finds that for each $10 decrease in the price of the coach ticket, it will sell four more per day, and for each $50 decrease in the business-class price, it will sell two more per day. What prices should the airline charge for the coach and business-class tickets to maximize revenue? [Hint: Let x be the number of $10 price decreases for coach tickets and y be the number of $50 price decreases for business-class tickets, and use the methods in this example and this example for each type of car.] price of coach ticket $ price of business class ticket $ How many of each type will be sold at these prices? quantity of coach tickets sold per day price of business class tickets sold :] per day Need Help? Submit Answer 7. [/2 Points] BERRAPCALC7 7.3.011. PRACTICE ANOTHER Find the relative extreme value of the function. (If an answer does not exist, enter DNE.) X, y) = ea" + y\")/4 relative maximum :] relative minimum Need Help? Submit Answer 8. [-/2 Points] DETAILS BERRAPCALC7 7.3.003. MY NOTES PRACTICE ANOTHER Find the relative extreme values of the function. (If an answer does not exist, enter DNE.) f (x, y) = 2x2 + 3y2+ 2xy+ 8x-16y relative maximum relative minimum Need Help? Read It Watch It Submit Answer9. [2112 Points] PREVIOUS ANSWERS BERRAPCALC7 7.3.032. PRACTICE ANOTHER Imagine that your are selling spring water from your own spring (or any product whose cost of production is negligible). Suppose now that two of your neighbors open competing spring water businesses. Now all of you must share the market. Use the price function p = 28 0.01x (for 0 s x s 2800) and analyze, comparing a monopoly with competition among three suppliers (a "triopoly\"). (a) For a monopoly, calculate the quantity x that maximizes your revenue. Also calculate the price p and the revenue R. ll iii (b) For a triopoly, find the quantities x, y, and z for the three suppliers that maximize revenue for each. Also calculate the price p and the three revenues. (Hint: Find the three revenue functions, one for each supplier, and maximize each with respect to that supplier's variable] UNKX || revenuex UUHUUUH revenuey = revenuez = (c) Are more goods produced under a monopoly or under a triopoly? More goods are produced under a triopoly. 0 More goods are produced under a monopoly. V The price is lower under a triopoly. O The price is lower under a monopoly. I Need Help? _ Submit Answer (d) Is the price lower under a monopoly or under a triopoly

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Mathematics questions