Please answer 14 , 16, 20
3.4 Problem Set 289 For a company, R(x) represents the revenue, in rs, realized from the expenditure of x thousands of dollars 14. Business: Marginal Revenue thousands of dolla advertising. Interpret both R(6) 125 and R'(6) 16 15. Business: Marginal Profit For a company, P(x ) represents the profit, in thou- sands of dollars, realized from the sale of a product that sells for x dollars per unit. Interpret both P(55) 16 and P'(55) 4 16. Business: Marginal Profit For a retail store, P(x) represents the dollar profit realized from the sale of a product when it devotes x square feet to the display of the product. Interpret both P(30) - 4,500 and P'(30) 150 Business: Inventory Costs The inventory cost C, in dollars, to a company is re lated to the lot size of inventory orders x by the function C(x). Interpret both C(200) 1,500 and C' (200) 300 17. 18. Business: Inventory Costs The inventory cost C, in dollars, to a company is e lated to the lot size of inventory orders x by the function C(x). Interpret both C (2,600) 3,500 and C'(2,600) 700. 19. Business: Elasticity of Demand A company determines that the point elasticity of demand for one of its products is 2.6. Is this demand elastic, unit elastic, or inelastic? If the price of the product is increased by 1%, will the company's revenue increase, decrease, or remain the same? Business: Elasticity of Demand A company determines that the point elasticity of demand for one of its products is 0.22. Is this demand elastic, unit elastic, or inelastic? If the price of the product is increased by 1%, will the company's revenue increase, decrease, or remain the same? 20. 21. Business: Elasticity of Demand A company determines that the point elastic- ity of demand for one of its products is 1. Is this demand elastic, unit elastic, or inelastic? If the price of the product is increased by 1%, will the company's revenue increase, decrease, or remain the same? Modeling Practice 22. Business: Marginal Cost A manufacturer believes that the function
