At what price should lamps be sold to maximize profit?
Monday, November 28th, 2011Mathematics Wizard asked:
A manufacturer sells lamps at six dollars each and sells 3000 each month. for each one dollar that the price is increased, 1000 fewer lamps are sold each month. It costs 4 dollars to make one lamp.
A manufacturer sells lamps at six dollars each and sells 3000 each month. for each one dollar that the price is increased, 1000 fewer lamps are sold each month. It costs 4 dollars to make one lamp.
What price should lamps be sold at to maximize profit?
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