Concept explainers
Reminder Round all answers to two decimal places unless otherwise indicated.
Total Revenue and Profit This is a continuation of Exercise 15. The total revenue
The profit
Suppose the manufacturer of widgets in Exercise 15 sells the widgets for
a. Use a formula to express this manufacturer’s total revenue
b. Use a formula to express the profit
c. Express using functional notation the profit of this manufacturer if there are
d. At the production level of
Suppose that a manufacturer of widgets has fixed costs of
a. Use a formula to express the total cost of this manufacturer in a month as a function of the number of widgets produced in a month. Be sure to state the units you use.
b. Express using functional notation the total cost if there are
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