1 page/≈275 words
Mathematics & Economics
Economics Math Problem Assignment: Maximizing Revenue (Math Problem Sample)
November 25th, 2016
Given that revenue is represented by the function R (p) = – 0.5p2 + 1900p, we first seek to calculate the price that should be charged so as to enable John Deere to obtain maximum revenue. This price (p) is given by,
Unit price (P) = 1900
Once the price for every unit (p) has been calculated. We seek to find the maximum revenue that John Deere will be raising at the price obtained above. This is calculated by,
Revenue= the unit price (p) multiplied by unit sales (-p/2+1900)
Revenue = -0.5 (1900)2 +1900 (1900)
Maximum Revenue (R) = 1805000
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