A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. a) Determine the demand, or price, function. b) c) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? Determine the revenue function

A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. a) Determine the demand, or price, function. b) c) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? Determine the revenue function

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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