Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3.1 Milly's clothing manufactures and sells t-shirts. Each t-shirt costs $40 to make, and the company's fixed costs are $5000. In addition, Milly knows that

image text in transcribed
image text in transcribed
3.1 Milly's clothing manufactures and sells t-shirts. Each t-shirt costs $40 to make, and the company's fixed costs are $5000. In addition, Milly knows that the price of each t-shirt comes from the price function p(x) = 300 - 2x . Determine: 3.1.1 The company's revenue function, R(x). [2] 3.1.2 The company's cost function, C(x). [2] 3.1.3 The company's profit function, P(x). [3] 3.1.4 Using the vertex method, determine the number of t-shirts that will maximize profits and calculate the maximum profit that Milly will make [7]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managers And The Legal Environment

Authors: E. Bagley

9th Edition

1337555177, 978-1337555173

More Books

Students also viewed these Economics questions

Question

What other requirements do they have for admission?

Answered: 1 week ago