Yaster Inc. is trying to enter the thingamabob market. The research department established the following price-demand, cost, and revenue functions: Price- |p(x) = 57 – 1.14x demand function |C(x) = 215 + 11x Cost function Revenue |R(x) = xp(x) = x(57 – 1.14x) function where x is in thousands of thingamabobs and C(x) and R(x) are in thousands of dollars. The price p(x) is the price in dollars of one thingamabob when the demand is a thousand thingamabobs. All three functions have domain 1≤ x ≤ 50.
Yaster Inc. is trying to enter the thingamabob market. The research department established the following price-demand, cost, and revenue functions: Price- |p(x) = 57 – 1.14x demand function |C(x) = 215 + 11x Cost function Revenue |R(x) = xp(x) = x(57 – 1.14x) function where x is in thousands of thingamabobs and C(x) and R(x) are in thousands of dollars. The price p(x) is the price in dollars of one thingamabob when the demand is a thousand thingamabobs. All three functions have domain 1≤ x ≤ 50.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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xtra 6
Transcribed Image Text:Thingamabob Sales
Yaster Inc. is trying to enter the thingamabob market. The research department
established the following price-demand, cost, and revenue functions:
Price-
p(x) = 57 1.14x
demand
function
|C(x) = 215 + 11x
Cost function
Revenue
R(x) = xp(x) = x(57 - 1.14x)
function
where x is in thousands of thingamabobs and C'(x) and R(x) are in thousands
of dollars. The price p(x) is the price in dollars of one thingamabob when the
demand is a thousand thingamabobs. All three functions have domain
1 ≤ x ≤ 50.
Transcribed Image Text:Use the Sales information above to answer this question.
What is the expected profit if Yaster Inc. produces and sells 30,903
thingamabobs?
$
Round to the nearest dollar.
Note: The profit may be negative, if Yaster Inc. experiences a loss.
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