As a New Owner of the Supermarket, You Have Inherited

question 2

Multiple Choice

As a new owner of the supermarket, you have inherited a large inventory of unsold imported Limburger cheese, and you would like to price it so that your revenue from selling it is as great as possible. Previous sale figures of the cheese are shown in the following table. Price per pound, p $3.00 $4.00 $5.00 Monthly sales (pounds) , q 100 45 20 Use the sale figures for the $3 and $5 per pound prices to construct a demand function of the form where A and b are constants you must determine. (The values of A, b were rounded.)

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Definitions:

Numerator

The top number in a fraction, representing the number of parts considered out of the whole.

Conversion Formula

A mathematical equation used to convert a quantity expressed in one set of units to another set of units.

Milligrams

A unit of mass in the metric system equal to one-thousandth of a gram.