Revenue function
Not what you're looking for?
Please show all work.
Purchase this Solution
Solution Summary
Revenue function is assessed in the solution.
Solution Preview
Please find the solutions/explanations attached herewith.
20.) The price of a certain product varies according to how much is available. At a production level of x units the price per units the price per unit is 3.40-0.01x.
a.) What is the revenue if x units are produced and sold?
Revenue function R(x) = x(3.40 - 0.01x)
b.) If the cost of producing x units is 100+1.20x, find the profit function and the break-even points.
Profit function P(x) = revenue - cost
= x(3.40 - 0.01x) - (100+1.20x)
= 3.40x - 0.01x^2 - 100 - 1.20x
= -0.01x^2 + 2.2x - 100
Break even occurs when profit = 0
-0.01x^2 + 2.2x - 100 = 0
Multiply by -100
x^2 - 220x + 10000 = 0
which will give
x = 64.1742, 155.826
If we round up x = 65, 156
Thus, break even points occur at x = 65, 156
21.) A theater company charges the same price for all tickets, regardless of day of the week or seat location. It has found that a price of $16 it sells 900 tickets a week, but at a price of $20 per ticket it only sells 780. Assume that q, the ...
Education
- BSc, Meerut University
- MSc, Meerut University
- MPhil, Institute of Advanced Studies
- MSc, AIT
Recent Feedback
- "Perfect, thank you so much!!! I will definitely request you in the future! You are amazing!"
- "Thank you. "
- "Thank you so much I have two more that I need your help with if your available."
- "Thank you, I was wondering why you rejected me the first time."
- "Thanks again."
Purchase this Solution
Free BrainMass Quizzes
Exponential Expressions
In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.
Know Your Linear Equations
Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.
Probability Quiz
Some questions on probability