a. Your business sells t-shirts to customers. The price-demand function is given below. Re-arrange the price-demand function to get price, p, in terms of x. x = 6000 – 1000p Your answer b. The t-shirt revenue you generate is a function of the price p and the number of shirts sold x. Find the revenue function based on part a. c. Compute the marginal revenue at 1000, 3000, and 5000 units sold. Interpret your results. What do thse values tell you about how the revenue function is changing. To compute marginal revenue, you will need to take the derivative of the revenue function from part b. Your answer Your cost function for producing shirts is given below. Find and interpret the marginal cost. C(x) 3 2500 + 0.5x "our answer
a. Your business sells t-shirts to customers. The price-demand function is given below. Re-arrange the price-demand function to get price, p, in terms of x. x = 6000 – 1000p Your answer b. The t-shirt revenue you generate is a function of the price p and the number of shirts sold x. Find the revenue function based on part a. c. Compute the marginal revenue at 1000, 3000, and 5000 units sold. Interpret your results. What do thse values tell you about how the revenue function is changing. To compute marginal revenue, you will need to take the derivative of the revenue function from part b. Your answer Your cost function for producing shirts is given below. Find and interpret the marginal cost. C(x) 3 2500 + 0.5x "our answer
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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