A small business produces and sells a gardening tool for $25 each. Each month it pays $2,800 in rent for itsfacility and $2,200 in salaries. Each tool costs $10 to produce and incurs a cost of 3% of the selling priceper tool for marketing and distribution.(a) What is the revenue function? R(x)(b) What is the marginal cost? $(c) In terms of this problem, what does marginal cost represent?O The rate of change of costs with respect to selling priceThe total change in costs that comes from producing one more garden toolThe net cost to produce one garden toolThe total change in garden tools produced that comes from increasing costs by one dollar(d) What is the fixed cost? $=(e) The break-even volume per month isgardening tools. (d) What is the fixed cost? $(e) The break-even volume per month isgardening tools.(f) The level of output (volume) required to earn a net income of $2,282 per month isgardening tools.(g) Suppose(i) monthly rent rises by $300;(ii) monthly salaries rise to $2,450; and(iii) the cost to produce each tool decreases by 25%.What is the new cost function? C(x) ==The new break-even volume isgardening tools per month.

As per the guideline I am supposed to solve only first three sub-part of the given problem…

Answered: A small business produces and sells a…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

A. Find the average cost function for ? televisions produced. B. Find the instantaneous rate of change of the average cost function.
(a) A company has determined that its profit for a product can be described by a linear function. The profit from the production and sale of 150 units is $455, and the profit from 250 units is $895. (i) What is the average rate of change of the profit for this product when between 150 and 250 units are sold? (ii) Write the equation of the profit function for this product. (iii) How many units give break-even for this product? (b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p = 40 − 4q 2 where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the…
If x represents the number of items produced, (a) write a cost function, (b) find a revenue function if each item sells for the price given, (c) state the profit function, (d) determine analytically how many items must be produced before a profit is realized (assume whole numbers of items), and (e) support the results of part (d) graphically. The fixed cost is $600, the cost to produce an item is $25, and the selling price of the item is $50. (a) The cost function is C(x) = (Simplify your answer. Do not factor.) (b) The revenue function is R(x)= (Simplify your answer. Do not factor.) (c) The profit function is P(x) = (Simplify your answer. Do not factor.) ← (d) At least items must be produced before a profit is shown. (Type a whole number.) (e) Choose the correct graph to the right. O A. 2100 O C. Dollars Items produced 2100 Items produced Q O B. 2100 O D. Dollars 2100 Items produced Items produced Q ✔
It costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $300. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary.
Help
A piano manufacturer has a daily fixed cost of $1,700 and a marginal cost of $2,100 per piano. Find the cost C(x) of manufacturing x pianos in one day. C(x) = 2100 + 1700 X Use your function to answer the following questions. (a) On a given day, what is the cost of manufacturing three pianos? $8000 That's it! (b) What is the cost of manufacturing the third piano that day? $ 2100 Nicely done. (c) What is the cost of manufacturing the 11th piano that day? $ 2100 Excellent! (d) What is the variable cost? $ What is the fixed cost? $ What is the marginal cost? $ X per piano
If the profit for producing x units can be approximated by the function P(x) = 0.002x³ + 100x, determine the marginal profit (profit per item), in dollars, for 50 units. $15 $5250 $250 $115
Your college newspaper, The Collegiate Investigator, has fixed production costs of $72 per edition and marginal printing and distribution costs of 39¢ per copy. The Collegiate Investigator sells for 49¢ per copy. (a) Write down the associated cost function C(x) in dollars. C(x) = Write down the revenue function R(x) in dollars. R(x) = Write down the profit function P(x) in dollars. P(x) = (b) What profit (or loss) results from the sale of 500 copies of The Collegiate Investigator? $ (c) How many copies should be sold in order to break even? copies
If OHaganBooks.com were to give away its latest best seller, A River Burns through It, the demand q would be 120,000 books. The marginal demand dq dp for the book is −24p at a price of p dollars. (a) What is the demand function for this book? dq dp = (b) At what price (in dollars) does demand drop to zero? $

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS