The revenue and cost functions for the sale of a particular product are given below (where x represents number of units sold): R(x)=-x^2 +10x +15, C(x)=8x +12 a.) find the number of units that need to be sold to break even and explain its meaning b.) Find the number of units that need to be sold to maximize revenue and the value of the maximum revenue. c.) State the marginal revenue equation and then use it to confirm that the maximum revenue found in B is the absolute maximum of R(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...
icon
Related questions
Question

The revenue and cost functions for the sale of a particular product are given below (where x represents number of units sold):

R(x)=-x^2 +10x +15, C(x)=8x +12

a.) find the number of units that need to be sold to break even and explain its meaning

b.) Find the number of units that need to be sold to maximize revenue and the value of the maximum revenue.

c.) State the marginal revenue equation and then use it to confirm that the maximum revenue found in B is the absolute maximum of R(x).

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning