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The manager of a popular bakery finds that when x thousand loaves of a new bread variety are made available, the marginal price at that
The manager of a popular bakery finds that when x thousand loaves of a new bread variety are made available, the marginal price at that level of production is given by
p(x)=(x+3)2x
where p(x) is the price (in dollars) per loaf at which all x thousand loaves will be sold. At present, 5,000 loaves are being sold at a price of $2.20 per loaf. a. Determine the supply function p(x) for the loaves. b. If the bakery produces 10,000 loaves of this new variety, what should be the unit price to ensure all the loaves are sold?
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