Until recently, hamburgers at the city sports arena cost $2.50 each. The food concessionaire sold an average of 4,500 hamburgers on game night. When the price was raised to $3.00, hamburger sales dropped off to an averag of 4,000 per night. The concessionaire's fixed costs were $7,405.30 per night and the variable cost was $0.54 per hamburger. Answer the following questions (A) through (F) (A) Assume that the relationship between price p and demand x is linear. Express p as a function of x and find the domain of this function. p=(Simplify your answer.) The domain of p is (Type a compound inequality ) (B) Find the revenue function in terms of x and state its domain R(x)= (Simplify your answer) The domain of R(x) is (Type a compound inequality) (C) Assume that the cost function is linear. Express the cost function in terms of x C(x) = (Simplify your answer.) D) Graph the cost function and the revenue function in the same coordinate system. Choose the correct graph below. OA. OB. OC. ARC 12.500 ARC 12,500- OD. ARC 12,500- ARC 12,500- 7.000

Until recently, hamburgers at the city sports arena cost $2.50 each. The food concessionaire sold an average of 4,500 hamburgers on game night. When the price was raised to $3.00, hamburger sales dropped off to an averag of 4,000 per night. The concessionaire's fixed costs were $7,405.30 per night and the variable cost was $0.54 per hamburger. Answer the following questions (A) through (F) (A) Assume that the relationship between price p and demand x is linear. Express p as a function of x and find the domain of this function. p=(Simplify your answer.) The domain of p is (Type a compound inequality ) (B) Find the revenue function in terms of x and state its domain R(x)= (Simplify your answer) The domain of R(x) is (Type a compound inequality) (C) Assume that the cost function is linear. Express the cost function in terms of x C(x) = (Simplify your answer.) D) Graph the cost function and the revenue function in the same coordinate system. Choose the correct graph below. OA. OB. OC. ARC 12.500 ARC 12,500- OD. ARC 12,500- ARC 12,500- 7.000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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