The price-demand equation and the cost function for the production of table saws are given, respectively, by x 12,000 - 40p and C(x) = 98,000 + 70x, where x is the number of saws that canbe sold at a price of Sp per saw and C(x) is the total cost (in dollars) of producing x saws. Complete parts (A) through (H) below.(A) Express the price p as a function of the demand x.(x-12000)The price function is p=-40(B) Find the marginal cost.The marginal cost is 70(C) Find the revenue function.(x-12000)The revenue function is R(x) =-40(D) Find the marginal revenue.(12000-x)The marginal revenue is40(E) Find R'(1.500) and R'(4.500) and interpret these quantities.Find and interpret R' (1.500). Select the correct choice below and fill in the answer boxes within your choice.(Simplify your answers)A. R'(1.500) = 287 5 at a revenue of Sper saw, saw production is increasing at the rate ofper dollar.

(Since there are many subparts in the question, we are going to answer the first three subparts…

Answered: The price-demand equation and the cost…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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