a company sells widgets. the amount of profit, y, made by the company, is related to the selling price of each widget, x, by the given equation. using this equation, find out what price the widgets should be sold for, to the nearest cent, for the company to make the maximum profit.

Question

13-09-2022
Business

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a company sells widgets. the amount of profit, y, made by the company, is related to the selling price of each widget, x, by the given equation. using this equation, find out what price the widgets should be sold for, to the nearest cent, for the company to make the maximum profit.

Answer :

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devikabalrajan devikabalrajan · Answer 1 · 2022-09-16T07:52:54-04:00

The price should be, to the nearest cent, to make the maximum profit is 775.34.

What is the price the widgets should be sold for?

This is a quadratic equation and if you were to graph this you would see that it is a parabola that opens down because of the negative leading coefficient (-3).

The maximum profit would be at the vertex, of the graph. Therefore, we need to find the value of "y" when "x" is the line of symmetry. We find this by x=-b/(2a) where a = -3 and b = 152:

x=-152/(2)(-3)

x=-152/-6

x=152/6

We put this value of "x" into the original formula to find out the value of "y":

y=-3x2+152x-1150

y=(-3)(152/6)2+152(152/6)-1150

y=-1925.33+3850.67-1150

y=775.34

Therefore, the maximum profit would be 775.34.

To learn more about quadratic equation, refer:

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