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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) = 500 + 0.2x + 0.0001x2 where x is the number of units.   (A)  Determine Coastal's total revenue, R(x),  and profit functions,  P(x),  in dollars.   (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     (C) If the festival organizers wanted to set an economically efficient price of $1.25 per soda, how would this change the results from part (b)? (Round your answer for daily profits to the nearest cent.)   sodas per day it would expect to sell ______sodas per day   daily profits$ _____  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) = 500 + 0.2x + 0.0001x2 where x is the number of units.   (A)  Determine Coastal's total revenue, R(x),  and profit functions,  P(x),  in dollars.   (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     (C) If the festival organizers wanted to set an economically efficient price of $1.25 per soda, how would this change the results from part (b)? (Round your answer for daily profits to the nearest cent.)   sodas per day it would expect to sell ______sodas per day   daily profits$ _____  per day

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.6: Inequalities
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) = 500 + 0.2x + 0.0001x2
where x is the number of units.
 
(A)  Determine Coastal's total revenue,
R(x),
 and profit functions, 
P(x),
 in dollars.
 
(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
 
 
(C)
If the festival organizers wanted to set an economically efficient price of $1.25 per soda, how would this change the results from part (b)? (Round your answer for daily profits to the nearest cent.)
 
sodas per day it would expect to sell ______sodas per day
 
daily profits$ _____  per day
 
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