Homework Help is Here – Start Your Trial Now!
Math
Calculus
6) This year, the student council president has decided to raise funds for the school prom by selling Justin Bieber T-shirts. In the past, they've sold an average of 1500 shirts at about $12 each. This year, they plan to decrease the price of the shirts. Based on student feedback, for every $0.50 decrease in price, 20 more T-shirts will be sold. a) Determine the demand (price) function in terms of x, the number of t-shirts sold b) Determine the marginal revenue function. Then, determine the marginal revenue from the sales of 1800 T-shirts and interpret its meaning.

6) This year, the student council president has decided to raise funds for the school prom by selling Justin Bieber T-shirts. In the past, they've sold an average of 1500 shirts at about $12 each. This year, they plan to decrease the price of the shirts. Based on student feedback, for every $0.50 decrease in price, 20 more T-shirts will be sold. a) Determine the demand (price) function in terms of x, the number of t-shirts sold b) Determine the marginal revenue function. Then, determine the marginal revenue from the sales of 1800 T-shirts and interpret its meaning.

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...
See similar textbooks
icon
Related questions
Question
6) This year, the student council president has decided to raise funds for the school prom by selling Justin Bieber T-shirts. In the past, they've sold an average of 1500 shirts at about $12 each. This year, they plan to decrease the price of the shirts. Based on student feedback, for every $0.50 decrease in price, 20 more T-shirts will be sold. a) Determine the demand (price) function in terms of x , the number of t-shirts sold b) Determine the marginal revenue function. Then, determine the marginal revenue from the sales of 1800 T-shirts and interpret its meaning.
Transcribed Image Text:6) This year, the student council president has decided to raise funds for the school prom by selling Justin Bieber T-shirts. In the past, they've sold an average of 1500 shirts at about $12 each. This year, they plan to decrease the price of the shirts. Based on student feedback, for every $0.50 decrease in price, 20 more T-shirts will be sold. a) Determine the demand (price) function in terms of x , the number of t-shirts sold b) Determine the marginal revenue function. Then, determine the marginal revenue from the sales of 1800 T-shirts and interpret its meaning.
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS