College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco

Question

College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco

Edition 3ISBN: 032157060X

College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco

Edition 3ISBN: 032157060X

Exercise 40

Step-by-step solution

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Answer 1

Consider the following data:

1. The selling price of MP3 players is $98 per each unit.

2. The fixed costs for the production of MP3 players are $262,500.

3. The cost per unit for production is $23.

1.

Objective is to find the total revenue function.

Use the fact that, the revenue is the product of the selling price per unit, p and the number of units, x. This can be mathematically expressed as follows:

In this problem, the selling price per unit is $98.

Let x be the number of units.

Substitute $98 for p in the revenue function formula:

Therefore, the total revenue function is