Question: O Question 7 Let the demand function for a product be given by the function D(q) = -1.35q + 210, where q is the quantity


O Question 7 Let the demand function for a product be given by the function D(q) = -1.35q + 210, 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 $3, 000 and variable costs are $5 per item produced. If 12 items are produced and sold, find the following: A) The total revenue from selling 12 items (to the nearest penny). Answer: $ B) The total costs to produce 12 items (to the nearest penny). Answer: $ C) The total profits to produce 12 items (to the nearest penny. Profits may or may not be negative.). Answer: $ Submit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
