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
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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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Question 11
This question will ask about marginal analysis. Be sure to use the cost and price-demand equations
throughout. Show all work on a seperate sheet of paper.
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) = 2500 + 0.5x
%3D
Your answer
Sketch the cost function and revenue function on the same graph. Find
and interpret the intersection of the two functions. Type your answer
below and upload your work and graph.
Transcribed Image Text:Question 11 This question will ask about marginal analysis. Be sure to use the cost and price-demand equations throughout. Show all work on a seperate sheet of paper. 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) = 2500 + 0.5x %3D Your answer Sketch the cost function and revenue function on the same graph. Find and interpret the intersection of the two functions. Type your answer below and upload your work and graph.
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