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Question

At the moment, OHaganBooks.com is selling 1,000 books per week and its sales are rising at a rate of 200 books per week. Also, it is now selling all its books for $20 each, but its price is dropping at a rate of$1 per week. a. At what rate is OHaganBooks.com’s weekly revenue rising or falling? b. John O’Hagan would like to see the company’s weekly revenue increase at a rate of $5,000 per week. At what rate would sales have to have been increasing to accomplish that goal, assuming all the other information is as given above?

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 7$\textbf{a.}$

Recall that $\text{\textcolor{#c34632}{revenue = quantity $\times$ price}}$ which can be written mathematically as

$R = q\times p$

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