Let the demand function for a product be given by the function D(q)=−1.1q+200D(q)=-1.1q+200, where qq is the quantity of items in demand and D(q)D(q) is the price per item, in dollars, that can be charged when qq units are sold. Suppose fixed costs of production for this item are $3,000$3,000 and variable costs are $10$10 per item produced. If 1010 items are produced and sold, find the following: A.) The total revenue from selling 10 items (to the nearest penny). B) The total costs to produce 10 items (to the nearest penny). C.) The total profits to produce 10 items (to the nearest penny. Profits may or may not be negative.).
Let the demand function for a product be given by the function D(q)=−1.1q+200D(q)=-1.1q+200, where qq is the quantity of items in demand and D(q)D(q) is the price per item, in dollars, that can be charged when qq units are sold. Suppose fixed costs of production for this item are $3,000$3,000 and variable costs are $10$10 per item produced. If 1010 items are produced and sold, find the following: A.) The total revenue from selling 10 items (to the nearest penny). B) The total costs to produce 10 items (to the nearest penny). C.) The total profits to produce 10 items (to the nearest penny. Profits may or may not be negative.).
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Let the demand function for a product be given by the function D(q)=−1.1q+200D(q)=-1.1q+200, where qq is the quantity of items in demand and D(q)D(q) is the price per item, in dollars, that can be charged when qq units are sold. Suppose fixed costs of production for this item are $3,000$3,000 and variable costs are $10$10 per item produced. If 1010 items are produced and sold, find the following:
A.) The total revenue from selling 10 items (to the nearest penny).
B) The total costs to produce 10 items (to the nearest penny).
C.) The total profits to produce 10 items (to the nearest penny. Profits may or may not be negative.).
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