A five-question multiple-choice quiz has five choices for each answer. Use the random number table provided, with O's representi
1 answer:
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Answer:
(a)Revenue function,
Marginal Revenue function, R'(x)=580-2x
(b)Fixed cost =900 .
Marginal Cost Function=300+50x
(c)Profit,
(d)x=4
Step-by-step explanation:
<u>Part A </u>
Price Function
The revenue function
The marginal revenue function
<u>Part B </u>
<u>(Fixed Cost)</u>
The total cost function of the company is given by
We expand the expression
Therefore, the fixed cost is 900 .
<u> Marginal Cost Function</u>
If
Marginal Cost Function,
<u>Part C </u>
<u>Profit Function </u>
Profit=Revenue -Total cost
<u> Part D </u>
To maximize profit, we find the derivative of the profit function, equate it to zero and solve for x.
The number of cakes that maximizes profit is 4.