Instructions Answer each question with clear work on a separ

Instructions: Answer each question with clear work on a separate sheet of paper. Please circle your final answer. Points will be deducted if your answer is not circled. While collaboration is not prohibited, it is to your advantage to at least attempt problems alone before getting with someone else since you wil be alone taking exams and quizzes. 1) I Have a cost function c(x)-3r-5 and I have a revenue function r(z) = 7x+1 for the number of lollipops I sell, x. I would like to know where they inter- sect. Find the intersection point, and give the interpretation of the intersection point. (Hint: If you are unsure of interpretation, look at the profit function p(r)r(r) - c(r) at the intersection point.) 2) I am a running back for OU, and I have escaped the clutches of UT de- fensive line and am going for the touchdown at a line described by f(t)8t 50 where t is seconds and the output is the yard number. However, the safety is coming at me after me with a line described by g(t) 151+65. At what tine and at what yard would the safety catch me? 3) I have two favorite lines. The first one is y -517z and the second one is 68z 4y 20 Where do my two favorite lines intersect? 4) If f( 13 17, find f40)

Solution

Question1)

We have cost function as C = 3x-5

We have revenue function as R = 7x+1

In order to find intersection of the two functions, we set them equal to each other and then solve for x.

C = R

3x-5 = 7x+1

7x-3x = 5-1

4x = 4

x = 1

Therefore, both cost and revenue are equal when just one lollipop is produced.

The point where cost and revenue are equal is known as BREAK-EVEN POINT.

Therefore, for the given set up, break even occurs at x=1.