Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The owner of a luxury motor yacht that sails among the 4000 Greek islands charges $980/person/day if exactly 20 people sign up for the cruise.

The owner of a luxury motor yacht that sails among the 4000 Greek islands charges $980/person/day if exactly 20 people sign up for the cruise. However, if more than 20 people sign up (up to the maximum capacity of 90) for the cruise, then every fare is reduced by $10 for each additional passenger.

Assuming at least 20 people sign up for the cruise, determine how many passengers will result in the maximum revenue for the owner of the yacht.

passengers

What is the maximum revenue?

$

What would be the fare per passenger in this case? (Round your answer to the nearest dollar.) dollars per passenger

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

The Essentials Of Finance And Accounting For Nonfinancial Managers

Authors: Edward Fields

3rd Edition

0814436943, 9780814436943

More Books

Students also viewed these Accounting questions