(c) Find the revenue function, R = N X P.(Express numbers in exact form. Use symbolic notation and fractions where needed.)R(P) =Find the price that maximizes revenue.(Use decimal notation. Give your answer to two decimal places.)The price that maximizes revenue is $ Suppose the demand for Colin's kidney pies is linear in the price P. Further, assume that he can sell 100 pies when the price is$5.00 and 65 pies when the price is $10.00.(a) Determine the demand N (number of pies sold) as a function of the price P (in dollars).(Express numbers in exact form. Use symbolic notation and fractions where needed.)N(P) =(b) What is the slope of the graph of N(P)?(Give an exact answer. Use symbolic notation and fractions where needed.)slope:pies/dollar

Let suppose Demand Function is denoted by N Let suppose price is denoted by P Equation of line…

Answered: Suppose the demand for Colin's kidney…

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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Suppose the supply per week for a product is 1254 units if the price per unit is $46 and 1518 units at $79 per unit. Assume that the supply function is linear.
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