Science:Math Exam Resources/Courses/MATH105/April 2012/Question 06 (a)

MATH105 April 2012

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Question 06 (a)

According to market research, the demand curve for a local pizza restaurant satisfies the following relation: if p is the price of a pizza (in dollars), and q is the number of pizzas sold per day, then $\displaystyle p^{2}+4q^{2}=800.$ The restaurant owners want to determine what price the restaurant should charge for each pizza in order to make their daily revenue as high as possible. (a) Formulate this as a constrained optimization problem, clearly stating the objective function and the constraint.

Make sure you understand the problem fully: What is the question asking you to do? Are there specific conditions or constraints that you should take note of? How will you know if your answer is correct from your work only? Can you rephrase the question in your own words in a way that makes sense to you?

If you are stuck, check the hint below. Consider it for a while. Does it give you a new idea on how to approach the problem? If so, try it!

Hint
Is the given equation the revenue or the constraint? How is the other one calculated?

Checking a solution serves two purposes: helping you if, after having used the hint, you still are stuck on the problem; or if you have solved the problem and would like to check your work. If you are stuck on a problem: Read the solution slowly and as soon as you feel you could finish the problem on your own, hide it and work on the problem. Come back later to the solution if you are stuck or if you want to check your work. If you want to check your work: Don't only focus on the answer, problems are mostly marked for the work you do, make sure you understand all the steps that were required to complete the problem and see if you made mistakes or forgot some aspects. Your goal is to check that your mental process was correct, not only the result.

Solution
Found a typo? Is this solution unclear? Let us know here. Please rate my easiness! It's quick and helps everyone guide their studies. We wish to maximize the revenue $f(p,q)=pq$ subject to the constraint $g(p,q)=p^{2}+4q^{2}=800$.

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