Phillip, the Proprietor of a Vineyard, Estimates That the First

question 46

Short Answer

Phillip, the proprietor of a vineyard, estimates that the first 10,000 bottles of wine produced this season will fetch a profit of $2/bottle. However, the profit from each bottle beyond 10,000 drops by $0.0002 for each additional bottle sold. Assuming at least 10,000 bottles of wine are produced and sold, what is the maximum profit? Round the answer to two decimal places.
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The maximum profit is $__________
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What would be the price/bottle in this case? Round the answer to the nearest cent.
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$__________/bottle

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Definitions:

Self-Censorship

Self-censorship occurs when individuals withhold their opinions, expressions, or information out of fear of social or official reprisal, judgment, or rejection.

Direct Pressure

A form of social influence where explicit demands or requests are made to coerce someone into complying.

Sucker Effect

A phenomenon where individuals are less likely to contribute to a collective effort because they perceive that others are not doing their fair share, leading to a decrease in overall group contribution.

Withhold Effort

The act of deliberately putting in less effort or refraining from making a full effort, often as a form of protest or dissatisfaction.