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1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). а. b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15.x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.

1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). а. b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15.x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.1: Quadratic Functions
Problem 77E: Minimizing cost A company that produces and sells digital cameras has determined that the total...
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1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. a. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.
Transcribed Image Text:1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. a. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.
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