Question: Please see the below questions concerning economic functions economic functions {pricedemand p: revenue R, cost C, average cost If, and prot P 3| used in

Please see the below questions concerning economic functions

Please see the below questions concerning economic functions economic functions {pricedemand p:

economic functions {pricedemand p: revenue R, cost C, average cost If, and prot P 3| used in this problem. The cost, in dollars, for a coinpanj,r to produce 3: widgets is given by (It) = S + 3.3431; for x E D, and the price-demand function, in dollars per widget, is pfx} = 28 [1.le for t] i x :1 1400. Find and interpret DEBUG}. Find and interpret Ef}. [Note that Etc] is the average cost function.) Find and simplify the expression for the revenue function R{x}. Find and simplify the expression for the prot Jnction P(x). Find and interpret PEEDD}, where P(x] is the prot mction in part (d). Suppose it represents the quantity of items produced and sold. The price-demand function p{x} calculates the price per item. The revenue function Rot] calculates the total moneyr collected by selling 1-: items at a price pEx}. REX} = x pix}. The cost function {is} calculates the cost to produce as items. The value C(13) is called the fixed cost or startup cost. The average cost function Clix] = [(1315: calculates the cost per item when making it items. Here, we necessarily assume it s o. The profit function Pix] calculates the money earned after costs are paid when 3:: items are produced and sold. Pix] = [R CHX} = Rot} Clint}

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