Find the marginal revenue function-maximum revenue

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The demand for the product is p = 70-0.7x where x is the quantity for the item sold a $p dollars per piece. Determine the revenue function and the domain of the function. What price should the company charge to obtain the largest revenue? What is the maximum revenue? Find the marginal revenue function. Find the marginal revenue function evaluated at x = 20. Taking into account storage and shipping, it costs p = C(x) = 100 + 11.25x dollars to sell x of the product. Find the average cost function and the marginal average cost function. Explain the difference between the two. Find the cost, average cost, and marginal average cost for 20 items. Explain the difference in meaning of these values. Find the profit function. Explain how you found the profit function. What price should the company charge to get the largest profit? How did you determine this price? What is the maximum possible profit? How do you know for sure the profit is maximized? By comparing the price you obtained for maximum revenue with the price you obtained for maximum profit, please explain any difference between the two and the reason for the difference. You must show all work using calculus techniques.

Reference no: EM131112899

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