Math Problem Statement
It has been determined that the cost of producing x units of a certain item is 8x+260 . The demand function is given by p=D(x)=56−0.4x find the revenue function
Solution
To find the revenue function , we need to multiply the price per unit by the number of units sold.
Given:
- Demand function (price per unit):
The revenue function is calculated as: Substituting the demand function into the revenue function:
So, the revenue function is:
Would you like more details or have any questions about this process?
Here are 8 related questions you might find useful:
- How can you find the profit function using the cost and revenue functions?
- What is the break-even point where revenue equals cost?
- How do you determine the maximum revenue using the revenue function?
- What is the marginal revenue function derived from the revenue function?
- How does the demand function affect the revenue and profit functions?
- Can you find the value of that maximizes the revenue function?
- How do changes in the demand function parameters affect the revenue function?
- What would happen to the revenue function if the cost function changed?
Tip: To find the maximum or minimum values of functions like revenue or profit, you can take the derivative and set it equal to zero, then solve for the critical points.
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Math Problem Analysis
Mathematical Concepts
Functions
Revenue Functions
Demand Functions
Formulas
Revenue function: R(x) = p(x) * x
Theorems
-
Suitable Grade Level
Advanced High School
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