Use optimisation to multiply the price that will yeild the maximum total revenue for product2z",?
where total revenue (r)=)=1200p-3p(2)
can anyone explain in detail what optimization is,
Answers:
I can't work the problem for you (been instrument too long since I have that class).
But, optimization is the point at which you will hold the most profit. If you over price an item, although you will profit more per item, your overall profit will be smaller quantity because you will supply smaller amount items. If you underprice an item, you will trade like mad, but won't be paid much on respectively one sold. There is a middle ground that yeilds the peak profit, and to be precise the perfect hope - absolute overall profit, not greatest profit per item or most items sold.
For instance, you own an item that costs you $5.
If you provide it for $6, you will trade 100 items, and and so profit $100.
If you price it at $10, you will solitary put up for sale 30, but will profit $150.
If you price it at $8, you will trade 60 and as a result profit $180.
It's a bell curve.
Are you sure this formula is correct?
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can anyone explain in detail what optimization is,
Answers:
I can't work the problem for you (been instrument too long since I have that class).
But, optimization is the point at which you will hold the most profit. If you over price an item, although you will profit more per item, your overall profit will be smaller quantity because you will supply smaller amount items. If you underprice an item, you will trade like mad, but won't be paid much on respectively one sold. There is a middle ground that yeilds the peak profit, and to be precise the perfect hope - absolute overall profit, not greatest profit per item or most items sold.
For instance, you own an item that costs you $5.
If you provide it for $6, you will trade 100 items, and and so profit $100.
If you price it at $10, you will solitary put up for sale 30, but will profit $150.
If you price it at $8, you will trade 60 and as a result profit $180.
It's a bell curve.
Are you sure this formula is correct?