Question 1

The cost structure for iPhones are as follows, fixed cost of $25 and variable cost per unit of $2. The associated demand function is p = 20 q .

(i) Obtain an expression for the profit, (q).

(ii) Find the range of output that gives a profit of at least $31.

Question 2

Solve the following inequalities:

(i) 5(11 ) < + 49

(ii) 7 3 < 10m + 2 3 < 8 5m

(iii) 2 15 2