Jane left the school and started to bike along the road at a rate of 12 mph. Her friend Sally left the school 10 minutes after J
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Answer:
The total revenue is .
The marginal revenue is .
The fixed cost is $900.
The marginal cost function is .
Step-by-step explanation:
The Total Revenue () received from the sale of
goods at price
is given by
The Marginal Revenue () is the derivative of total revenue with respect to demand and is given by
From the information given we know that the price they can sell cakes is given by the function , where
is the number of cakes sold per day.
So, the total revenue is
And the marginal revenue is
The Fixed Cost () is the amount of money you have to spend regardless of how many items you produce.
The Marginal Cost () function is the derivative of the cost function and is given by
We know that the total cost function of the company is given by , which it is equal to
From the total cost function and applying the definition of fixed cost, the fixed cost is $900.
And the marginal cost function is