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5. (10 points) When the price of a glass of lemonade at a lemonade stand was $1.75, 400 glasses were sold. When the price was lowered to $1.50, 500 glasses were sold. Assume that the demand function is linear and that the marginal and fixed costs are $0.10 and $25, respectively. number of lemonade, price

5. (10 points) When the price of a glass of lemonade at a lemonade stand was $1.75, 400 glasses were sold. When the price was lowered to $1.50, 500 glasses were sold. Assume that the demand function is linear and that the marginal and fixed costs are $0.10 and $25, respectively. number of lemonade, price

Calculus: Early Transcendentals
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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5. (10 points) When the price of a glass of lemonade at a lemonade stand was $1.75, 400 glasses were sold. When the price was lowered to $1.50, 500 glasses were sold. Assume that the demand function is linear and that the marginal and fixed costs are $0.10 and $25, respectively. number of lemonade, price (x p) a. Find the demand equation p = mx + b. b. Find the revenue function R, total cost function C, and profit P as a function of x, the number of glasses of lemonade sold. c. Find the marginal profit when 200 glasses of lemonade are sold.
Transcribed Image Text:5. (10 points) When the price of a glass of lemonade at a lemonade stand was $1.75, 400 glasses were sold. When the price was lowered to $1.50, 500 glasses were sold. Assume that the demand function is linear and that the marginal and fixed costs are $0.10 and $25, respectively. number of lemonade, price (x p) a. Find the demand equation p = mx + b. b. Find the revenue function R, total cost function C, and profit P as a function of x, the number of glasses of lemonade sold. c. Find the marginal profit when 200 glasses of lemonade are sold.
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