Suppose you start your own business manufacturing and selling a product. Suppose that you are running this business out of your home, so you will consider the fixed costs to include your current rent and utilities. After consulting a financial advisor, you find out the following: (NOTE: Those values are given specifically to you by your instructor. Be sure to use those values.)

Math 202 Spring 2020 Project Section Number:] Last name, First Name Read the following carefully and complete the tasks. Summarize your answers in a word document. Use complete sentences and label units when appropriate. Be sure to include your first and last name, student ID and section number in the header of your paper. There is not a length requirement for this assignment, but you want to make sure that all of the information is summarized in your report and make sure that the information is accurate. Print and submit your assignment to the instructor by the end of the class period on Friday, March 13. Late assignments will not be accepted. Please staple multiple pages together. (staple only, no paperclips, etc.) Suppose you start your own business manufacturing and selling a product. Suppose that you are running this business out of your home, so you will consider the fixed costs to include your current rent and utilities. After consulting a financial advisor, you find out the following: (NOTE: Those values are given specifically to you by your instructor. Be sure to use those values.) Your fixed cost is dollars per month. Your variable cost is per product. dollars, you can make and sell units in If the product is priced at a month. dollars, you can make and sell units in If the product is priced at a month. A A tected View - Saved to this PC Search references Mailings Review View Help 1 . .2. . .3... 4. 5 ... .6 .. ..7 Now you can find your linear cost function C(x) using the given costs, and create a price- demand equation using the two data points (x,p) given above. Your price-demand equation should be in the form p = mx + b to describe the relationship between the demand of your product, x, and the consumer price, p, in dollars. Recall that your price-demand equation should be a decreasing linear function. Make sure to use fractions or integer values, instead of using the decimal approximation. Then find the marginal cost function. Cost Function: Price-demand Equation: | Marginal Cost Function: Your work / explanation Now, use your price-demand equation to write the revenue function to describe your business' total monthly revenue for selling x products. Then find the total profit function, marginal revenue function and marginal profit function. Recall that the cost, revenue and profit functions should be written in terms of x and simplified completely. Again, be sure the coefficients are in exact form using fractions or integer values and avoid using the decimal approximation for the coefficients of each of the functions. Revenue Function: | Profit Function: | Marginal Revenue Function: Marginal Profit Function: Your work / explanation B C D E Var C x1 Demand x2 57 57 87 81 Fixed C 200.00 280.00 370.00 550.00 950.00 1,150.00 1,650.00 2,000.00 Given Values Demand Price 1 39 121.50 129.50 228.50 144 174.00 117 294.50 186 231.00 150 385.00 249 306.50 120 31.00 39.00 48.00 22.00 30.00 34.00 44.00 51.00 96 Price 2 94.50 174.50 170.00 246.00 209.00 321.00 277.00 432.50 174 126 222 165 Math 202 Spring 2020 Project Section Number:] Last name, First Name Read the following carefully and complete the tasks. Summarize your answers in a word document. Use complete sentences and label units when appropriate. Be sure to include your first and last name, student ID and section number in the header of your paper. There is not a length requirement for this assignment, but you want to make sure that all of the information is summarized in your report and make sure that the information is accurate. Print and submit your assignment to the instructor by the end of the class period on Friday, March 13. Late assignments will not be accepted. Please staple multiple pages together. (staple only, no paperclips, etc.) Suppose you start your own business manufacturing and selling a product. Suppose that you are running this business out of your home, so you will consider the fixed costs to include your current rent and utilities. After consulting a financial advisor, you find out the following: (NOTE: Those values are given specifically to you by your instructor. Be sure to use those values.) Your fixed cost is dollars per month. Your variable cost is per product. dollars, you can make and sell units in If the product is priced at a month. dollars, you can make and sell units in If the product is priced at a month. A A tected View - Saved to this PC Search references Mailings Review View Help 1 . .2. . .3... 4. 5 ... .6 .. ..7 Now you can find your linear cost function C(x) using the given costs, and create a price- demand equation using the two data points (x,p) given above. Your price-demand equation should be in the form p = mx + b to describe the relationship between the demand of your product, x, and the consumer price, p, in dollars. Recall that your price-demand equation should be a decreasing linear function. Make sure to use fractions or integer values, instead of using the decimal approximation. Then find the marginal cost function. Cost Function: Price-demand Equation: | Marginal Cost Function: Your work / explanation Now, use your price-demand equation to write the revenue function to describe your business' total monthly revenue for selling x products. Then find the total profit function, marginal revenue function and marginal profit function. Recall that the cost, revenue and profit functions should be written in terms of x and simplified completely. Again, be sure the coefficients are in exact form using fractions or integer values and avoid using the decimal approximation for the coefficients of each of the functions. Revenue Function: | Profit Function: | Marginal Revenue Function: Marginal Profit Function: Your work / explanation B C D E Var C x1 Demand x2 57 57 87 81 Fixed C 200.00 280.00 370.00 550.00 950.00 1,150.00 1,650.00 2,000.00 Given Values Demand Price 1 39 121.50 129.50 228.50 144 174.00 117 294.50 186 231.00 150 385.00 249 306.50 120 31.00 39.00 48.00 22.00 30.00 34.00 44.00 51.00 96 Price 2 94.50 174.50 170.00 246.00 209.00 321.00 277.00 432.50 174 126 222 165