SOLUTION: The demand function for a good is given as , where p is the price (in dollars) per unit of the good and q is the quantity sold (in units). The total cost of producing 10 units o
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Question 1094834: The demand function for a good is given as , where p is the price (in dollars) per unit of the good and q is the quantity sold (in units). The total cost of producing 10 units of the good is $50 and that of producing 20 units is $70.
a. Find the quadratic revenue function in terms of quantity produced and sold q.
b. Write the restricted domain and the restricted range of the revenue function.
c. Assume the relationship between quantity produced and total cost is linear, write down the total cost function in terms of quantity produced q.
d. Find the break-even production and sales level.
e. How many units should be produced and sold in order to get the maximum profit? (6 marks)
Found 2 solutions by ikleyn, Dicky:
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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Answer by Dicky(1) (Show Source): You can put this solution on YOUR website!
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