Parts D-Fonly CASE STUDY 2A local company is planning to manufacture and market a four-slice toaster. For this toaster, theresearch department's estimates are a weekly demand of 300 toasters at a price of $25 per toasterand a weekly demand of 400 toasters at a price of $20. The financial department's estimates are fixedweekly costs of $5,000 and variable costs of $5 per toaster.a) Assume that the relationship between price p and demand x is linear. Use the researchdepartment's estimates to express p as a function of x and determine the domain of thefunction.b) Using your knowledge from Finite Math, determine the Revenue function in terms of x.c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500units. Interpret these results. (HINT: Consider what a positive or negative first derivativeimplies)d) Assume that the cost function is linear. Use the financial department's estimates to express thecost function in terms of x.e) Determine the Marginal cost and interpret the results.f) Explain why performing Marginal Analysis will help the company to make good businessdecisions. (Approximately 250 words)COMMON FORMULAS:y2-y11. т %3DX2-x12. у 3D тх + b3. R(x) = x * p(x)

Name: Parts D-Fonly CASE STUDY 2A local company is planning to manufacture a
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Description: Parts D-Fonly CASE STUDY 2A local company is planning to manufacture and market a four-slice toaster. For this toaster, theresearch department's estimates are a weekly demand of 300 toasters at a price of $25 per toasterand a weekly demand of 400 toa

Answer (d) Assume that the cost function is linear . We have to use the financial department's…

Answered: d) Assume that the cost function is…

Math

Calculus

d) Assume that the cost function is linear. Use the financial department's estimates to express the cost function in terms of x.

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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Concept explainers

Angles in Circles

Angles within a circle are feasible to create with the help of different properties of the circle such as radii, tangents, and chords. The radius is the distance from the center of the circle to the circumference of the circle. A tangent is a line made perpendicular to the radius through its endpoint placed on the circle as well as the line drawn at right angles to a tangent across the point of contact when the circle passes through the center of the circle. The chord is a line segment with its endpoints on the circle. A secant line or secant is the infinite extension of the chord.

Arcs in Circles

A circular arc is the arc of a circle formed by two distinct points. It is a section or segment of the circumference of a circle. A straight line passing through the center connecting the two distinct ends of the arc is termed a semi-circular arc.

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Question

Parts D-Fonly

CASE STUDY 2
A local company is planning to manufacture and market a four-slice toaster. For this toaster, the
research department's estimates are a weekly demand of 300 toasters at a price of $25 per toaster
and a weekly demand of 400 toasters at a price of $20. The financial department's estimates are fixed
weekly costs of $5,000 and variable costs of $5 per toaster.
a) Assume that the relationship between price p and demand x is linear. Use the research
department's estimates to express p as a function of x and determine the domain of the
function.
b) Using your knowledge from Finite Math, determine the Revenue function in terms of x.
c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500
units. Interpret these results. (HINT: Consider what a positive or negative first derivative
implies)
d) Assume that the cost function is linear. Use the financial department's estimates to express the
cost function in terms of x.
e) Determine the Marginal cost and interpret the results.
f) Explain why performing Marginal Analysis will help the company to make good business
decisions. (Approximately 250 words)
COMMON FORMULAS:
y2-y1
1. т %3D
X2-x1
2. у 3D тх + b
3. R(x) = x * p(x)

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