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Suppose we have the price-demand equation and the total cost functions for production of portable air conditioners are respectively given by: x = 8,000 20p
Suppose we have the price-demand equation and the total cost functions for production of portable air conditioners are respectively given by: x = 8,000 20p and C(x) = 84,000 + 70x a) Express the price p as a function of x, the units demanded, (that is, solve the price-demand equation for p) and find the domain. b) Find the revenue function and marginal revenue functions. c) Find R'(4,500). Include units and interpret its meaning in a clear statement. d) Find the profit and marginal profit functions
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