Question: A street vendor constructs the table below on the basis of sales data. ( Note: Consumer expenditure and revenue are terms for the same thing
A street vendor constructs the table below on the basis of sales data. Note: Consumer expenditure and revenue are terms for the same thing from different perspectives. Consumer expenditure is the amount of money that consumers spend on a product, and revenue is the amount of money that businesses take in by selling the product.
Sales of Roses, Given the Price per Dozen
Price
dollarsSales
dozen roses
a Find a quadratic function for the model of the data that gives the quantity sold at x dollars, data from
x
Round all numerical values to three decimal places.
Sx
b Find a function for the model for consumer expenditure revenue for the vendor where x is the price in dollars, data from
x
Round all numerical values to three decimal places.
Rx
c What price should the street vendor charge to maximize consumer expenditure? Round your answer to two decimal places.
$
d If each dozen roses costs the vendor $ what price should he charge to maximize his profit? Round your answer to two decimal places.
$
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