When a business sells an item, it receives the price paid by the consumer (this is normally greater than the cost to the business of producing the item). The total revenue that a business receives is the product of the number of items sold and the price paid per item. Thus, if Riggs, Ltd., sells x suits at $80 per suit, the total revenue R(x), in dollars is given by R(x)= Unit price Quantity sold = 80.x. C. Graph R(x) and C(x) using the same set of axes. (A rough sketch) d. When C(x) is above R(x), a loss will occur. Show this by shading the region. When R(x) is above C(x), a gain will occur. The total profit that a business receives is the amount left after all costs have been subtracted from the total revenue. Thus, if P(x) represents the total profit when x items are produced and sold, we have P(x)=(Total Revenue) - (Total Costs) = R(x) - C(x). Determine P(x) and draw its graph using the same set of axes as was used for the graph in part (c). e. x
When a business sells an item, it receives the price paid by the consumer (this is normally greater than the cost to the business of producing the item). The total revenue that a business receives is the product of the number of items sold and the price paid per item. Thus, if Riggs, Ltd., sells x suits at $80 per suit, the total revenue R(x), in dollars is given by R(x)= Unit price Quantity sold = 80.x. C. Graph R(x) and C(x) using the same set of axes. (A rough sketch) d. When C(x) is above R(x), a loss will occur. Show this by shading the region. When R(x) is above C(x), a gain will occur. The total profit that a business receives is the amount left after all costs have been subtracted from the total revenue. Thus, if P(x) represents the total profit when x items are produced and sold, we have P(x)=(Total Revenue) - (Total Costs) = R(x) - C(x). Determine P(x) and draw its graph using the same set of axes as was used for the graph in part (c). e. 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...
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