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We found that the marketing research department for the company that manufactures and sells memory chips for microcomputers established the following price-demand and revenue functions: p(x)=85-3x Price-demand function Revenue function R(x)=xp(x) = x(85-3x) where p(x) is the wholesale price in dollars at which x million chips can be sold, and R(x) is in millions of dollars. Both functions have domain 1 sxs 17.

We found that the marketing research department for the company that manufactures and sells memory chips for microcomputers established the following price-demand and revenue functions: p(x)=85-3x Price-demand function Revenue function R(x)=xp(x) = x(85-3x) where p(x) is the wholesale price in dollars at which x million chips can be sold, and R(x) is in millions of dollars. Both functions have domain 1 sxs 17.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.1: Quadratic Functions
Problem 6SC: A company that makes and sells baseball caps has found that the total monthly cost C in dollars of...
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No hand written responses. Can you help me solve this problem by providing a step-by-step breakdown in laymens terms for each part so that I can work through it on my own? 

​(B) Find the output that will produce the maximum revenue.
___ million chips ​(Type an integer or a fraction. Simplify your​ answer.)
 
What is the maximum revenue? ____ million (round 2 decimals)
 
(C) What is the wholesale price per chip that produces the maximum revenue? ____ million (round to the nearest dollar)
We found that the marketing research department for the company that manufactures and sells memory chips for microcomputers established the following price-demand and revenue functions: p(x)=85-3x Price-demand function Revenue function R(x)= xp(x)=x(85 - 3x) where p(x) is the wholesale price in dollars at which x million chips can be sold, and R(x) is in millions of dollars. Both functions have domain 1 ≤x≤ 17.
Transcribed Image Text:We found that the marketing research department for the company that manufactures and sells memory chips for microcomputers established the following price-demand and revenue functions: p(x)=85-3x Price-demand function Revenue function R(x)= xp(x)=x(85 - 3x) where p(x) is the wholesale price in dollars at which x million chips can be sold, and R(x) is in millions of dollars. Both functions have domain 1 ≤x≤ 17.
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