Widget SalesJesaki Inc. is trying to enter the widget market. The research departmentestablished the following price-demand, cost, and revenue functions:p(x) = 60 1.20xPrice-demandfunctionCostfunctionC(x) = 210 + 12xR(x) = xp(x) = x(60 - 1.20x)where x is in thousands of widgets and C(x) and R(x) are in thousandsof dollars. The price p(x) is the price in dollars of one widget when thedemand is a thousand widgets. All three functions have domain1 ≤ x ≤ 50.Revenuefunction Use the Sales information above to answer this question.The value x*= 19.801 should be used in the cost model to estimate thecost of producing how many widgets?widgets. Round to the nearest widget.

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Use the Sales information above to answer this question. The value x = 19.801 should be used in the cost model to estimate the cost of producing how many widgets? widgets. Round to the nearest widget.

Use the Sales information above to answer this question. The value x = 19.801 should be used in the cost model to estimate the cost of producing how many widgets? widgets. Round to the nearest widget.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Widget Sales
Jesaki Inc. is trying to enter the widget market. The research department
established the following price-demand, cost, and revenue functions:
p(x) = 60 1.20x
Price-
demand
function
Cost
function
C(x) = 210 + 12x
R(x) = xp(x) = x(60 - 1.20x)
where x is in thousands of widgets and C(x) and R(x) are in thousands
of dollars. The price p(x) is the price in dollars of one widget when the
demand is a thousand widgets. All three functions have domain
1 ≤ x ≤ 50.
Revenue
function

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