a shoe store estimates a certain line of dress shoes has cos
a shoe store estimates a certain line of dress shoes has costs given by C(x)=1500+30x+0.05x^2. The store charges $75 per pair.
 
a. What is the avg. cost function?
 
b. What is demand function?
 
c. What is revenue function?
 
d. What is profit function?
a. What is the avg. cost function?
b. What is demand function?
c. What is revenue function?
d. What is profit function?
Solution
avg cost function = 1500/x + 30 +0.05x demand function d = 75x revenue function r = 75x profit = 0.05x^2 -45x +1500
