A bakery finds that the price they can sell cakes is given by the function p =
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Question:
A bakery finds that the price they can sell cakes is given by the function p = 580 − 10x where x is the number of cakes sold per day, and p is price. The total cost function of the company is given by c = (30+5x) 2 where x is previously defined, and c is total cost.
A. Find the revenue and marginal revenue functions [Hint: revenue is price multiplied by quantity i.e. revenue = price × quantity] .
B. Find the fixed cost and marginal cost function [Hint: fixed cost does not change with quantity produced] .
C. Find the profit function [Hint: profit is revenue minus total cost] .
D. Find the quantity that maximizes profit.
Related Book For
College Algebra Graphs and Models
ISBN: 978-0321845405
5th edition
Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna
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