The monthly revenue R achieved by selling x wristwatches is figured to be R(x)=75x−0.2x2. The monthly cost C of selling x wristwatches is C(x)=30x+1700.
(a) How many wristwatches must the firm sell to maximize revenue? What is the maximum revenue?
(b) Profit is given as P(x)=R(x)−C(x). What is the profit function?
(c) How many wristwatches must the firm sell to maximize profit? What is the maximum profit?
(d) Provide a reasonable explanation as to why the answers found in parts (a) and (c) differ. Explain why a quadratic function is a reasonable model for revenue.
(b) The profit function is P(x)=45x−0.2x2−1700.
(Type an expression using x as the variable.)
(c) The firm must sell 113 wristwatches to maximize profit.
(Round to the nearest integer as needed.)
The maximum profit is $831.20.
(Round to two decimal places as needed.)
(d) Why do the answer found in part (a) and part (c) differ? Choose the correct answer below.
A. The parts differ because part (a) uses the revenue function which is equal to the sum of the profit function and the cost function.
B. The parts differ because part (c) uses the profit function which is equal to the product of the revenue function and the cost function.
C. The parts differ because part (c) uses the revenue function which is equal to the sum of the profit function and the cost function.
D. The parts differ because part (a) uses the profit function which is equal to the difference of the revenue function and the cost function. Explain why a quadratic function is a reasonable model for revenue. Choose the correct answer below.
A. Revenue is the profit of the item times the number x of units actually sold. So the revenue, R, is a quadratic function of the price p.
B. Revenue is the profit of the item plus the number x of units actually sold. So the revenue, R, is a quadratic function of the price p.
C. Revenue is the selling price of the item times the number x of units actually sold. So the revenue, R, is a quadratic function of the price p.
D. Revenue is the selling price of the item plus the number x of units actually sold. So the revenue, R, is a quadratic function of the price p.
Shift the function g(x)=4x2−16 7 right and 3 down. What is the new equation? A. h(x)=4(x−9)2−17 B. h(x)=4(x+7)2+19 C. h(x)=4(x−7)2−19 D. h(x)=4(x+9)2−17
Identify which of these sets of pairs represents a function: A. (5,11),(−8,3),(0,7),(0,−6) B. (0,11),(−8,3),(0,7),(−8,−6) C. (11,5),(3,−8),(7,0),(11,−6) D. (5,11),(−8,3),(0,7),(−6,11).
Match each trigonometric function with its value: sin 60° = ?, cos 45° = ?, tan 45° = ?, sec 30° = ?, csc 30° = ?, cot 60° = ? Choices: 22,22,323,1,23,33,23
Shift the function g(x)=4x2−16 9 units right and 1 down. What is the new equation? A. h(x)=4(x+9)2−17 B. h(x)=4(x−17)2−9 C. h(x)=4(x−9)2−17 D. h(x)=4(x−7)2+16
Find the average rate of change of infections from day 0 to day 16, given P(0)=3, P(8)≈5.55, P(16)≈10.28. Round to two decimal places in thousand people per day.
Calculate the average rates of change for COVID-19 infections in Minnesota over these intervals using ΔxΔy: 1. 0 to 8 days: (calculate) 2. 8 to 16 days: 0.59 thousand/day 3. 0 to 16 days: 0.46 thousand/day