Download the App!

Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.

Get the answer to your homework problem.

Try Numerade free for 7 days

Like

Report

Suppose, in Example $7,$ it costs the $B B C$ realty company, on the average, S800 each month to maintain each vacant apartment. What monthly rent should they charge if their profit is to be maximized?

$$\$ 4800$$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Oregon State University

Harvey Mudd College

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

03:18

06:07

A real estate office handl…

02:54

04:24

Apartment rentals $A$ real…

04:27

Apartment rentals A real e…

01:47

Maximum Profit A real esta…

02:28

The manager of a 100 -unit…

04:11

All units in a 100-unit ap…

04:07

All units in a 100 -unit a…

07:03

01:03

Maximizing Profits Lynbroo…

for this example, um it costs the BBC Realty company on average UR $800 each month to maintain each take an apartment. So we want to know what monthly rent they should charge if their profit is to be maximized. Um So looking at this example, it's this important balance that we have to strike. So I think we have white eagles, three X. Five and why equals a negative two X. Plus had. So how market equilibrium works is the idea that if we have too much available, that's not good. But if we increase the price too much, then there's not going to be enough demand. Do you have to find the balance? And that's what we need to do in this problem Because we know that it's going to cost them to maintain the vacant apartment and they aren't getting any tenants. And so based on this, we know that the monthly rent in order to maximize their profit would be $4,800.

View More Answers From This Book

Find Another Textbook

Numerade Educator

02:46

Use the alternate form of the derivative given in Exercise $37,$ to compute …

02:50

Find the point on the parabola $$y=a x^{2}+b x+c$$ where the tangent line is…

03:25

Find the equations of the lines and plot the lines from Exercise $53$.

03:04

(a) Find the $x$ -intercept(s); (b) Find the vertical asymptotes; (c) Find t…

01:02

Locate all critical points.$$f(x)=x^{2}-2 x+3$$

01:22

Suppose the demand equation is $200 x+10 p=10000,$ where $x$ is the number o…

02:26

Determine the equation of the tangent line to the given curve at the indicat…

03:14

Sketch the graph of $y=|2 x-3|$.

01:12

Find the linear supply function satisfying the following conditions: when th…

01:20

Compute the indicated limit.$$\text { (a) } \lim _{x \rightarrow 3^{+}} …