When hotdogs are sold for $5, approximately 700 are sold. When the price is raised...
90.2K
Verified Solution
Link Copied!
Question
Accounting
When hotdogs are sold for $5, approximately 700 are sold. When the price is raised to $6, the quantity demanded drops to 500. The initial cost is $200 and the cost per hotdog is $1. Assume that the demand function is linear. How many hotdogs at what price will yield maximum profit? Let x be the number of hotdogs.
a) Find the demand function p(x) as a function of x.
b) Find the revenue function R as a function of x. c) Find the cost function C as a function of x. d) Find the profit function P as a function of x e) How many hotdogs at what price will yield a maximum profit?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.