Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3- The student council normally sells 1500 school T-shirts for $12 each. This year they plan to decrease the price of the T-shirts. Based on
3- The student council normally sells 1500 school T-shirts for $12 each. This year they plan to decrease the price of the T-shirts. Based on student feedback, they know that for every $0.50 decrease in price, 20 more T-shirts will be sold. a) Determine the demand, or price, function. b) Determine the marginal revenue from the sales of 1800 Tshirts. c) The cost of producing x T-shirts is C(x) = 0.0005x2 + 7.5x + 200. Determine the marginal cost of producing 1800 T-shirts d) Determine the actual cost of producing the 1801st T-shirt. e) Determine the profit and marginal profit from the sale of 1800 T-shirts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started