To maximize revenue, we need to find the fare that yields the highest product of fare per passenger and the number of passengers at that fare. This can be modeled as a function and maximized using calculus or properties of quadratic equations.
On a bus route from place A to place B, if the fare is kept at ₹ x per passenger, then 50-x passengers are expected to travel. What should be the fare in order to maximize the revenue?
Asked in KPSC KAS Prelims 2014 · Topic: Tertiary Sector (Key Sub-sectors within Services: Overview and Interlinkages)
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