Optimization using differentiation

In summary, the yacht owner charges $600 per person for a day of cruising, but if more than 20 people sign up, the price is reduced by $4 for each additional passenger. If exactly 20 people sign up, the total price is $2400. If more than 75 people sign up, the price is reduced by $4 for each additional passenger, resulting in a final price of $2400 + $960 = $2880 per person.
  • #1
A_Munk3y
72
0

Homework Statement



The owner of a luxury motor yacht that sails among the 4000 Greek islands charges $600 per person per day if exactly 20 people sign up for the cruise. However, if more than 20 people sign up (up to the maximum capacity of 90) for the cruise, then each fare is reduced by $4 for each additional passenger.(a) Assuming at least 20 people sign up for the cruise, determine how many passengers will result in the maximum revenue for the owner of the yacht.
passengers

(b) What is the maximum revenue? (c) What would be the fare/passenger in this case? (Give your answer correct to the nearest dollar.)

The Attempt at a Solution


No idea, could you just help me out on how to even start this problem? Cause i am clueless...

i did it this way, but did not really use optimization i think.
N= # of passengers
600-4N= fare
Revenue= 600N-4N2
max at -> derivative of 0=600N-4N2
0=600-8N
N=600/8
N=75 passengers

600-4(75)= 300$ a passenger
 
Last edited:
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  • #2
In order for there to be a problem, there must be a question! I see no question here. Was it to find the number of people who must sign up to maximize income?

Since the fare stays constant for up to 20 people, the more people you have the more income- so you can start with 20 people. If there are x people, with [itex]x\ge 20[/itex], then there are x- 20 people "more than 20" so the fare is reduced by 4(x- 20) dollars. That is, the fare for each of x people is 600- 4(x- 20) dollars per person. What is the total revenue? What is the maximum value for revenue?
(You don't really need Calculus for this. the total revenue function is quadratic and you can find the maximum value by completing the square.)
 
  • #3
Yea sorry, i forgot to put the 2nd part of the question.
I updated the question and what i did. She wants us to use optimization for this so she won't accept normal algebra answers :(
 

1. What is optimization using differentiation?

Optimization using differentiation is a mathematical process used to find the maximum or minimum value of a function. It involves taking the derivative of the function and setting it equal to zero to find the critical points, which are the points where the function is either increasing or decreasing. These critical points can then be evaluated to determine the maximum or minimum value of the function.

2. What are the key concepts involved in optimization using differentiation?

The key concepts involved in optimization using differentiation are the derivative, critical points, and the first and second derivative tests. The derivative is a measure of how the function changes at a specific point and can be used to find the slope of the tangent line. Critical points are the points where the derivative is equal to zero or undefined. The first and second derivative tests are used to determine whether a critical point is a maximum, minimum, or neither.

3. What are the steps involved in optimization using differentiation?

The steps involved in optimization using differentiation are as follows:

  • 1. Identify the function to be optimized.
  • 2. Take the derivative of the function.
  • 3. Set the derivative equal to zero and solve for the critical points.
  • 4. Use the first and second derivative tests to determine the nature of the critical points.
  • 5. Evaluate the function at the critical points to determine the maximum or minimum value.

4. What are some real-world applications of optimization using differentiation?

Optimization using differentiation has many real-world applications, including in economics, engineering, physics, and biology. For example, it can be used to find the maximum profit for a company, the minimum amount of material needed to construct a bridge, the maximum velocity of a falling object, or the optimal dosage of a medication for a patient.

5. Are there any limitations to optimization using differentiation?

Yes, there are some limitations to optimization using differentiation. It can only be used for functions that are continuous and differentiable. Additionally, it does not always guarantee the global maximum or minimum, and there may be multiple critical points that need to be evaluated. It is also important to consider the context and any constraints of the problem when interpreting the results.

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