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

Solution 

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Please rate my easiness! It's quick and helps everyone guide their studies. We wish to maximize the revenue subject to the constraint . 