SOLUTION: The cost, in dollars, to produce x widgets is C(x) = 3x + 32 , x ≥0. The price-demand function, in dollars per widget, is p(x) = 30 - x.
a. Find and interpret R(10), where R
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Question 1113607: The cost, in dollars, to produce x widgets is C(x) = 3x + 32 , x ≥0. The price-demand function, in dollars per widget, is p(x) = 30 - x.
a. Find and interpret R(10), where R(x) is the revenue function.
b. Find and interpret P(10), where P(x) is the profit function.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Revenue is the price times the quantity sold. So if )
is the price for 
items sold, then \ =\ x\,\cdot\,p(x)\ =\ x(30\ -\ x))
Profit is Revenue minus Cost, so \ =\ R(x)\ -\ C(x)\ =\ \[x(30\ -\ x)\]\ -\ \[3x\ -\ 32\])
Just plug in 10 for and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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