Question
The cost, in dollars, for a company to produce x widgets is given by C ( x ) = 2025 + 7.8 x for x
The cost, in dollars, for a company to produce x widgets is given by C(x) = 2025 + 7.8x for x >= 0, and the price-demand function, in dollars per widget, is p(x) = 24 - 0.018x for 0 <= x <= 1330.
(a) Find and interpret C(250).
(b) Find and interpret (average cost) C_(250). (Note that C_(x) is the average cost function.)
(c) Find and simplify the expression for the revenue function R(x). (work optional)
(d) Find and simplify the expression for the profit function P(x). (work optional) Note that p(x) and P(x) are different functions.
(e) Find and interpret P(250), where P(x) is the profit function in part (d).
(price-demand p, revenue R, cost C, average cost C_, and profit P )
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started