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8. A business found the price of a fresh whole chicken to be as follows: Weight in pounds of a5 6 78 Whole Chicken 7910
8. A business found the price of a fresh whole chicken to be as follows: Weight in pounds of a5 6 78 Whole Chicken 7910 11 12 1314 a. Fit a linear trendline to the data and identify this equation as a reasonable demand function. b. State the revenue function that corresponds to this situation. Assume the above business is willing to supply 25 pounds to a local restaurant at a price of $1.60 per pound and 20 pounds at a price of $1.45 per pound. c. Find the supply function. Assume this is a linear function. d. Using the supply and demand functions identified above, find the point of equilibrium. e. At a price of $1.50, will there be a shortage of chicken or will there be a surplus of chicken? Why? To produce the chickens, the business determines their variable costs to be $0.30 per pound and the fixed costs are $2.50. f. Find the cost function. g. Find the profit function. h. Identify the break-even point(s)
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