A company produces and sells shirts. The fixed costs are $7000 and the variable costs are $5

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A company produces and sells shirts. The fixed costs are $7000 and the variable costs are $5 per shirt.

(a) Shirts are sold for $12 each. Find cost and revenue as functions of the quantity of shirts, q.

(b) The company is considering changing the selling price of the shirts. Demand is q = 2000 − 40p, where p is price in dollars and q is the number of shirts. What quantity is sold at the current price of $12? What profit is realized at this price?

(c) Use the demand equation to write cost and revenue as functions of the price, p. Then write profit as a function of price.

(d) Graph profit against price. Find the price that maximizes profits. What is this profit?

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a We know that the cost function will be of the form C mq b where m is the variable cost and b is th...View the full answer

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Question Posted: Apr 10, 2023 05:24 AM

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A company produces and sells shirts. The fixed costs are $7000 and the variable costs are $5

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a We know that the cost function will be of the form C mq b where m is the variable cost and b is th...View the full answer

Applied Calculus

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