Use the revenue and cost functions from Problem 71: R(x) = x(75 - 3x) Revenue function C(x)
Question:
Use the revenue and cost functions from Problem 71:
R(x) = x(75 - 3x) Revenue function
C(x) = 125 + 16x Cost function
where x is in millions of chips, and R(x) and C(x) are in millions of dollars. Both functions have domain 1 ≤ x ≤ 20.
(A) Form a profit function P, and graph R, C, and P in the same rectangular coordinate system.
(B) Discuss the relationship between the intersection points of the graphs of R and C and the x intercepts of P.
(C) Find the x intercepts of P and the break-even points to the nearest thousand chips.
(D) Find the value of x (to the nearest thousand chips) that produces the maximum profit. Find the maximum profit (to the nearest thousand dollars), and compare with Problem 69B.
Revenue and cost functions from Problem 71
R(x) = x(75 - 3x) Revenue function
C(x) = 125 + 16x Cost function
Problem 69B
(B) Find the value of x that will produce the maximum revenue. What is the maximum revenue to the nearest thousand dollars?
Step by Step Answer:
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker