Question: I need help Let the demand function for a product be given by the function D(q) = lq + 260, where q is the quantity

I need help

I need help Let the demand function for a product be given

Let the demand function for a product be given by the function D(q) = lq + 260, where q is the quantity of items in demand and D(q) is the price per item, in dollars, that can be charged when q units are sold. Suppose fixed costs of production for this item are $6, 000 and variable costs are $2 per item produced. If 44 items are produced and sold, find the following: A) The total revenue from selling 44 items (to the nearest penny). B) The total costs to produce 44 items (to the nearest penny). C) The total profits to produce 44 items (to the nearest penny. Profits may or may not be negative)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!