Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5. Last year the Key Club sold fruit tarts at the unhealthy bake sale, in which 350 tarts were sold at a price of $3.25
5. Last year the Key Club sold fruit tarts at the unhealthy bake sale, in which 350 tarts were sold at a price of $3.25 each. This year they plan to decrease the price. Their research finds that for every 10 cent decrease in price they will sell 80 more fruit tarts. Let n be the number of 10 cent decreases of the sales price. If the cost of producing x fruit tarts is given by a cost function C(x) =-0.0005x' +1.5x+300. a) Determine the Profit function? (4] b) Find the Marginal Profit when 61 fruit tarts are made and sold. (2] c) Does the answer in part b) make it worth producing this many tarts? Justify your answer. [2]
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