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OPTIMIZATION PROBLEMS Find Demand Function and Maximize Revenue | Jake's Math Lessons
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OPTIMIZATION PROBLEMS Find Demand Function and Maximize Revenue | Jake's Math Lessons
I recently discussed a problems which is related to Optimization problems.
So now in this video I am going to discuss and other Optimization problems which is really interesting.
So the thing which we are going to do is we are going to find the demand function based on a given problem and use that demand function to maximize revenue.
But in this case we are going to specifically talking about the type of optimization problem where they say there is a rebate to company is gonna offer. and we have to find out how much of a rebate they should give.
this is actually came from one of my live streams I recently did. I have been doing a live stream every Monday night at 5PT / 8ET.
Now lets jump right into today's problem.
The problem is
A manufacturer has been selling 1000 television sets a week at $450 each. A market survey indicates that for each $10 rebate offered to the buyer, the number of sets sold will increase by 100 per week.
a) Find The Demand Function
b) How large a rebate should the company offer the buyer in order to maximize its revenue?
Chapters
0:00 Introduction
0:47 The problem
1:36 Problem (a) Solution
6:24 solve for q
6:57 Problem (b) Solution
11:18 Solve for p
12:17 Solve for x
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Some links in this video description may be affiliate links meaning I would get a small commission for your purchase at no additional cost to you.
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#jakes_math_lesson #optimization_problem
I recently discussed a problems which is related to Optimization problems.
So now in this video I am going to discuss and other Optimization problems which is really interesting.
So the thing which we are going to do is we are going to find the demand function based on a given problem and use that demand function to maximize revenue.
But in this case we are going to specifically talking about the type of optimization problem where they say there is a rebate to company is gonna offer. and we have to find out how much of a rebate they should give.
this is actually came from one of my live streams I recently did. I have been doing a live stream every Monday night at 5PT / 8ET.
Now lets jump right into today's problem.
The problem is
A manufacturer has been selling 1000 television sets a week at $450 each. A market survey indicates that for each $10 rebate offered to the buyer, the number of sets sold will increase by 100 per week.
a) Find The Demand Function
b) How large a rebate should the company offer the buyer in order to maximize its revenue?
Chapters
0:00 Introduction
0:47 The problem
1:36 Problem (a) Solution
6:24 solve for q
6:57 Problem (b) Solution
11:18 Solve for p
12:17 Solve for x
YOU MIGHT ALSO BE INTERESTED IN...
Some links in this video description may be affiliate links meaning I would get a small commission for your purchase at no additional cost to you.
revenue,calculus,optimization,optimization problems,demand function,demand function economics,demand function equation,demand function equation explained,inverse demand function equation,demand function example problems,demand function problems solution,how to solve demand function,how to solve demand function problems,demand function math,demand function mathematical economics,demand and supply function equation,demand function tutorial,calculus tutorial
#jakes_math_lesson #optimization_problem
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