Question

You are selling bracelets for $4 each, and selling 10 per week at this price. Your friend guesses that for every dollar you increase the price by, you would sell one less bracelet. What price should the bracelets be to maximize your revenue, and how much would you make per week at that price?

Answer 1

Answer:

7 bracelets per week for $7 each, which makes you $49 dollars per week

Step-by-step explanation:

Lets make a table (best we can online, at least

B       $

10      4

9       5

8       6

7        7

6       8

5       9

4       10

So, B = bracelet, and $ = money made per bracelet.

If you sell 10 bracelets for $4 each, then thats 10x4, which is 40, then we continue down the table, because for each dollar the price increases, the number of bracelets sold goes down by one.

10x4=40

9x5=45

8x6=48

7x7=49

6x8=48

And now we can see where we stop, because its just going in the opposite direction- down. The peak number we hit is $49 dollars per week.

If you sell 7 bracelets each week, for 7 dollars each, then you will make 49 dollars each week, which is the highest you can make for selling 10 in a week.