An equipment rental business currently charges $32.00 per power tool rental and averages 24 rentals a day. The company recently performed a study and found that for every $2.00 increase in rental price, the average number of customers decreased by one rental. The company determined that the function f(x) = (32 + 2x)(24 – x) can be used to represent the total revenue earned from the rentals, where x represents the number of rental price increases and f(x) represents the revenue earned.
Part A: Explain what the expressions (32 + 2x) and (24 – x) represent in the given scenario.
Part B: What is the revenue after 3 rental price increases? Show your work or explain how you found your answer.
Part C: What rental price would give the maximum revenue for the company?