A bakery finds that the price they can sell cakes is given by the function p = 580 − 10x where x is the number of cakes sold per day, and p is price. The total cost function of the company is given by c = (30+5x) 2 where x is previously defined, and c is total cost.
Find the revenue and marginal revenue functions [Hint: revenue is price multiplied by quantity i.e. revenue = price × quantity] (3 marks)
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Expert's answer
2020-05-04T03:46:30-0400
revenue = price × quantity
R = p×q
In our case quantity is the number of cakes sold per day or x.
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