A merchant can sell 60 items per day when he charges $1.60 for that item. They have observed that for every 2c drop in the price there will be 5 extra 3 items sold per day. Unfortunately the supplier can only provide a maximum of 220 items per day. What price should they charge in order to maximize his revenue per day for that item? a) Set up the equation. Clearly explain what the factors are doing in the equation and how they contribute to the solution. Include introducing the variables. b) What is the domain of this equation? What are the restrictions? Clearly explain what the restrictions are caused by. c) Solve for the price that should be charged in order to maximize his revenue per day?A sailing ship is 25 Nautical miles due north of a drifting derelict vessel. If 4 the ship sails south at 4 knots while the derelict drifts east at 3 knots, find the distance in nautical miles, of closest approach of the two ships. (1 knot = 1 nautical mile per hour) a) Set up the equation. Clearly explain what the factors are doing in the equation and how they contribute to the solution. Include introducing the variables. Include a diagram. b) Find the distance in nautical miles, of closest approach of the two ships