Management Planning The Welcome Home apartment rental
Chapter 2, Problem 2.1.1.68(choose chapter or problem)
Management Planning The Welcome Home apartment rental company has 1600 units available, of which 800 are currently rented at $300 per month. A market survey indicates that each $5 decrease in monthly rent will result in 20 new leases.
(a) Determine a function R(x) that models the total rental income realized by Welcome Home, where x is the number of $5 decreases in monthly rent.
(b) Find a graph of R(x) for rent levels between $175 and $300 (that is, 0 \leq x \leq 25) that clearly shows a maximum for R(x).
(c) What rent will yield Welcome Home the maximum monthly income?
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