A business has found that it can sell 710 items if it sets its price to $61.38. However, if it lowers its price to $44.27, it can sell 880 items. (a) Find the linear demand equation (price function) for selling x items. (round to 4 decimal places) p(x)=px= It costs the business $11.13 per item to produce and they have $3,450 in overhead each month. (b) Find the linear Cost, and quadratic Revenue and Profit functions for producing/selling x items: (round to 4 decimal places) C(x)=Cx= x+x+ R(x)=Rx= x2+x2+ x+x+ P(x)=Px= x2+x2+ x+x+ (c) Consider the maximum profit the company can make: To maximize their profit, they should sell items at a price of $ each and they will make $ in profit.
A business has found that it can sell 710 items if it sets its price to $61.38. However, if it lowers its price to $44.27, it can sell 880 items.
(a) Find the linear demand equation (price function) for selling x items. (round to 4 decimal places)
p(x)=px=
It costs the business $11.13 per item to produce and they have $3,450 in overhead each month.
(b) Find the linear Cost, and quadratic Revenue and Profit functions for producing/selling x items: (round to 4 decimal places)
C(x)=Cx= x+x+
R(x)=Rx= x2+x2+ x+x+
P(x)=Px= x2+x2+ x+x+
(c) Consider the maximum profit the company can make:
To maximize their profit, they should sell items at a price of $ each and they will make $ in profit.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
