Homework Help: math

Posted by beth on Thursday, November 15, 2012 at 10:29pm.

Terry makes and sells necklaces. He has observed over time that when the price is $12 each, he sells an average of 20 per day. If he increases the price, then his average sales fall by 2 per day for each dollar increase. The materials for each necklace cost $7. Express his profit P as a function of x, the number of necklaces sold.

that would make p(x)= ?

THANK YOU!

math - Steve, Friday, November 16, 2012 at 11:45am
at price z, demand
x = 20-2(z-12)
or, price z = 22 - x/2

p(x) = revenue-cost
= x(22 - x/2) - 7x
= 15x - 1/2 x^2

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