1. Production of an item has fixed costs of $10,000 and variable costs of $2 per...

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1. Production of an item has fixed costs of $10,000 and variable costs of $2 per item. a. Express the cost, C, of producing q items. b. The relationship between price, p, and quantity, q, demanded is linear. Market research shows that 10,100 items are sold when the price is $5 and 12,872 items are sold when the price is $4.50. Express as q a function of price p. Express the profit earned as a function of q. c. d. How many items should the company produce to maximize profit? (Give your answer to the nearest integer.) What is the profit at that production level? 1. Production of an item has fixed costs of $10,000 and variable costs of $2 per item. a. Express the cost, C, of producing q items. b. The relationship between price, p, and quantity, q, demanded is linear. Market research shows that 10,100 items are sold when the price is $5 and 12,872 items are sold when the price is $4.50. Express as q a function of price p. Express the profit earned as a function of q. c. d. How many items should the company produce to maximize profit? (Give your answer to the nearest integer.) What is the profit at that production level?

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a Fixed cost 10000 Variable costa 2 per i... View the full answer