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Coastal Soda Sales has been granted exclusive market rights to the upcoming Beaufort Seafood Festival. This means that during the festival Coastal will have a monopoly, and it is anxious to take advantage of this position in its pricing strategy. The daily demand function is p = 2 - 0.0004x and the daily total cost function is C(x) = 700 + 0.3x + 0.0001x2 where x is the number of units. (a) Determine Coastal's total revenue and profit functions. R(x) = P(x) = (b) What profit-maximizing price per soda should Coastal charge? 2$ per soda How many sodas per day would it expect to sell at this price? sodas per day What would be the daily profits? per day

Coastal Soda Sales has been granted exclusive market rights to the upcoming Beaufort Seafood Festival. This means that during the festival Coastal will have a monopoly, and it is anxious to take advantage of this position in its pricing strategy. The daily demand function is p = 2 - 0.0004x and the daily total cost function is C(x) = 700 + 0.3x + 0.0001x2 where x is the number of units. (a) Determine Coastal's total revenue and profit functions. R(x) = P(x) = (b) What profit-maximizing price per soda should Coastal charge? 2$ per soda How many sodas per day would it expect to sell at this price? sodas per day What would be the daily profits? per day

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
Chapter3: Functions
Section3.3: More On Functions; Piecewise-defined Functions
Problem 88E
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Coastal Soda Sales has been granted exclusive market rights to the upcoming Beaufort Seafood Festival. This means that during the festival Coastal will have a monopoly, and it is anxious to take advantage of this position in its pricing strategy. The daily demand function is p = 2 - 0.0004x and the daily total cost function is C(x) = 700 + 0.3x + 0.0001x² where x is the number of units. (a) Determine Coastal's total revenue and profit functions. R(x) = P(x) = (b) What profit-maximizing price per soda should Coastal charge? $ per soda How many sodas per day would it expect to sell at this price? sodas per day What would be the daily profits? per day
Transcribed Image Text:Coastal Soda Sales has been granted exclusive market rights to the upcoming Beaufort Seafood Festival. This means that during the festival Coastal will have a monopoly, and it is anxious to take advantage of this position in its pricing strategy. The daily demand function is p = 2 - 0.0004x and the daily total cost function is C(x) = 700 + 0.3x + 0.0001x² where x is the number of units. (a) Determine Coastal's total revenue and profit functions. R(x) = P(x) = (b) What profit-maximizing price per soda should Coastal charge? $ per soda How many sodas per day would it expect to sell at this price? sodas per day What would be the daily profits? per day
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