3.4. A company that makes smoothies is planning to market its product. After a market survey they estimate that a price of $7.50 results in a daily demand of 150 smoothies and a price of $8.75 results in a daily demand of 100 smoothies. a) Use the information above to find the price-demand equation for this product. b) Find the Revenue function R(x) c) Use the price-demand equation to find the domain of the R(x) d) Find the marginal revenue function R'(x), and the marginal revenue at production levels of 150 and 300 smoothies. Interpret your results being specific about all the quantities involved in the answer, include appropriate units.
3.4. A company that makes smoothies is planning to market its product. After a market survey they estimate that a price of $7.50 results in a daily demand of 150 smoothies and a price of $8.75 results in a daily demand of 100 smoothies. a) Use the information above to find the price-demand equation for this product. b) Find the Revenue function R(x) c) Use the price-demand equation to find the domain of the R(x) d) Find the marginal revenue function R'(x), and the marginal revenue at production levels of 150 and 300 smoothies. Interpret your results being specific about all the quantities involved in the answer, include appropriate units.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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3.4. A company that makes smoothies is planning to market its product. After a market survey they estimate
that a price of $7.50 results in a daily demand of 150 smoothies and a price of $8.75 results in a daily demand of
100 smoothies.
a) Use the information above to find the price-demand equation for this product.
b) Find the Revenue function R(x)
c) Use the price-demand equation to find the domain of the R(x)
d) Find the marginal revenue function R'(x), and the marginal revenue at production levels of 150 and 300
smoothies. Interpret your results being specific about all the quantities involved in the answer, include
appropriate units.
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