Answer Happy

1. In Finance, given a Price-Demand Function p(q) with q and p being quantity and price (in $). respectively, you can construct a Revenue function by using R(q) = q [p(q)] (just multiplying p(q) by q). The Revenue Function gives the money made by the business without considering the cost of production. BOOMSound Corp. has a Daily Cost function of C(q) = 8100 + 55q and a Daily Price- Demand function for the store given by p(q) = 550 -4.5q for some high-end portable Bluetooth Speaker Systems. a. Use the Price-Demand Function to find the Revenue Function, R(q) using the information given. Simplify as much as possible. b. Use your answer from part (a) to find the Profit Function: P(q) = R(q)- C(q). The Profit Function is the amount of money made by the business considering the cost of production. Simplify as much as possible. c. Use the process provided above to find all extrema for the profit function over the interval [20,90]. A d. Interpret your answer from part (c).