A business has found that it can sell 680 items if it sets its price to $66.9. However, if it lowers its price to $40.19, it can sell 930 item: a) Find the linear demand equation (price function) for selling x items. (round to 4 decimal places) p (2) = It costs the business $5.62 per item to produce and they have $2,500 in overhead each month. (b) Find the linear Cost, and quadratic Revenue and Profit functions for producing/selling x items: (round to 4 decimal places) C (2) = Number x+ Number R(x) = Number 2+Number x+ Number P (x) = Number 2+ Number x+ Number

A business has found that it can sell 680 items if it sets its price to $66.9. However, if it lowers its price to $40.19, it can sell 930 item: a) Find the linear demand equation (price function) for selling x items. (round to 4 decimal places) p (2) = It costs the business $5.62 per item to produce and they have $2,500 in overhead each month. (b) Find the linear Cost, and quadratic Revenue and Profit functions for producing/selling x items: (round to 4 decimal places) C (2) = Number x+ Number R(x) = Number 2+Number x+ Number P (x) = Number 2+ Number x+ Number

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.4P

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