A quadratic function models the profit of the company and the maximum/minimum value of the quadratic function occurs on its vertex.
The given function is:
[tex]P(x)=-3(x-5)^{2}+12 [/tex]
The equation is already in standard form, the vertex of the parabola as seen from the equation is (5,12)
This mean if the company sets the price of socks to $5 they will earn a maximum profit which is $ 12 million
