(b) The highest price p, in dollars per thousand widgets, at which N can be sold is given by the formula p= 75 – 0.02N. Using this, find a formula for the total revenue R as a function of N. R(N) = %D (c) Use your answers to parts (a) and (b) to find a formula for the profit P of this manufacturer as a function of N. P(N) =

(b) The highest price p, in dollars per thousand widgets, at which N can be sold is given by the formula p= 75 – 0.02N. Using this, find a formula for the total revenue R as a function of N. R(N) = %D (c) Use your answers to parts (a) and (b) to find a formula for the profit P of this manufacturer as a function of N. P(N) =

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

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