In a upcoming Blues Music Festival, Caring Catering has been granted exclusive rights to cater all food and drink at the event. This gives them a monopoly market dring the festival, so Caring Catering is planning to take advantage of this position in its pricing of its premade meals. The daily demand price function is projected to be p = 8.5 -0.0002x dollars, and the daily total cost function is projected to be C(x) = 600 + 7x+0.0003x² dollars were x is the number of premade meals sold. Find the quantity that will maximum profit, the selling price at that quantity, and the maximum profit. a) Selling premade meals will maximum profit. b) The selling price at the answer in part (a) is $ c) The maximum profit is $

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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<
In a upcoming Blues Music Festival, Caring Catering has been granted exclusive rights to cater all food and
drink at the event. This gives them a monopoly market dring the festival, so Caring Catering is planning to
take advantage of this position in its pricing of its premade meals.
>
The daily demand price function is projected to be p = 8.5 -0.0002x dollars, and the daily total cost
function is projected to be C(x) = 600+7x+0.0003x² dollars were x is the number of premade meals
sold.
a) Selling
Find the quantity that will maximum profit, the selling price at that quantity, and the maximum profit.
premade meals will maximum profit.
c) The maximum profit is $
b) The selling price at the answer in part (a) is $
Transcribed Image Text:Question 2 < In a upcoming Blues Music Festival, Caring Catering has been granted exclusive rights to cater all food and drink at the event. This gives them a monopoly market dring the festival, so Caring Catering is planning to take advantage of this position in its pricing of its premade meals. > The daily demand price function is projected to be p = 8.5 -0.0002x dollars, and the daily total cost function is projected to be C(x) = 600+7x+0.0003x² dollars were x is the number of premade meals sold. a) Selling Find the quantity that will maximum profit, the selling price at that quantity, and the maximum profit. premade meals will maximum profit. c) The maximum profit is $ b) The selling price at the answer in part (a) is $
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