Question: Please answer F and G You work at a small college newspaper and have noticed that demand, q, for the college paper was 2,000 copies
Please answer F and G
You work at a small college newspaper and have noticed that demand, q, for the college paper was 2,000 copies each week when the paper was given away free of charge, but dropped to 1,000 each week when the college starting charging a quarter for each copy.
A) Write down the associated linear demand function, q=mp+b, where p is the price of each paper in dollars. SHOW WORK. B) What is the applicable domain for this function (i.e., what p-values result in quantities, q, that make sense in the context of this problem)? Give answer in interval notation (Google this if you dont know what this means). C) Use your demand function to express the revenue, R, as a function of the unit price, p.
D) Use your revenue function to find the unit price, p, that maximizes revenue for a weekly edition of the paper and determine what the maximum revenue is. SHOW WORK AND STATE FINAL ANSWER IN COMPLETE SENTENCES. E) It costs the college 4 cents to produce each copy of the paper, plus an additional fixed cost of $100. Express the profit, P, as a function of the unit price, p. SHOW WORK/EXPLAIN REASONING.
F) Use your profit function to determine at what price the college should charge for maximum weekly AND monthly profit (or minimum loss) and the resulting profit or loss at this price. SHOW WORK and give final answer in sentence form.
G) How many papers per week will the college sell at the price that maximizes profit. Show work and state final answer in sentence form.
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