Optimization is often used in industries, commerce, and organizations to make better decisions about the products their customers want.

A) In your own words, explain what is meant by optimization problems.

B) In your own words, summarize the strategy to solve optimization problems.

C) Using the real-life application below, determine the following:

An office supply company sells x permanent markers per year at $p per marker.

The price-demand equation for these markers is p = 10 — 0.001x.

What price should a company charge for their markers to maximize revenue and explain how to find the maximum revenue.

Be certain to show your work when providing an explanation of your answer(s)

Answer rating: 100% (QA)

A For a problem we could have many solutionsand a optimization problem is the problem to find the best solution of those many feasible solutions B Opt... View the full answer