Question

Assume that the demand for tuna in a small coastal town is given by

P=

q is the number of pounds of tuna that can be sold in a month at p dollars per pound.

(a) What is the monthly revenue as a function of the demand for tuna?

R(q)=

(b) Assume that the town's fishery wishes to sell at least 5,000 pounds of tuna per month. This means you are studying the revenue function a

the domain [5000,00).

Does the monthly revenue function have any stationary points? No Does the monthly revenue function have any singular points? No

Use the First Derivative Test to determine if the monthly revenue is increasing or decreasing on the domain (5000). The monthly revenue is decreasing on the domain [5000,00)

(c) From your analysis above, how much tuna should the fishery sell per month in order to maximize monthly revenue?

How much should they charge for tuna in order to sell that much fish? (Round your answer to the nearest cent.) dollars per lb

What will be its resulting maximum monthly revenue? (Round your answer to the nearest dollar)

per month .

Answer 1

Answer:

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