At Fenway park, they can sell 5000 hot dogs at $4 per dog. They also know that for each quarter (25 cents) they raise the price, they will sell 200 less hot dogs. How many hot dogs should they sell to make profit? Please I need this question by 11:30 pm I’ve been looking everywhere but can’t find answers.

Answers

Answer 1

2500 hot dogs must be sold to  make a profit

If they can sell 5000 hot dogs at $4 per dog, the selling price for the 5000dogs will be expressed as:

SP= 4 * 5000

SP = 4 + 0.25x

Total number hot dog sold = 5000 - 200x

Revenue = Sales price*Total number hot dog sold

When the price is increased by $0.25 then the revenue will be expressed as [tex]g(x) = (4+0.25x) (5000 - 200x)[/tex]

Taking the product, the resulting function will be;

[tex]g(x) = -50x^2 + 1250x + 20000[/tex]

To get the maximum profit, we need to maximize the revenue by differentiating the function and equating it to zero to have:

[tex]g'(x) = -100x + 450\\0=-100x + 1250\\100x = 1250\\x = 12.5[/tex]

Substittute x = 12.5 into the total number hot dog sold function

Recall that n = 5000 - 200x

n = 5000 - 200(12.5)

n = 5000 -  2500

n = 2500

Hence 2500 hot dogs must be sold to  make a profit

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