Question: The demand and cost function of a particular brand of lawn mower are given, respectively, by \(p\left( x \right)=150-0.03x\) and \(c\left( x \right)=1425+120x\), where x is the number of lawn mowers that can be sold at a price p and \(c\left( x \right)\) is the total cost of producing x lawn movers

1. Find \(\frac{dp}{dx}\), and interpret what does this symbol means
2. Find the revenue function in terms of x .
3. Find \(R'\left( 450 \right)\) and \(R'\left( 700 \right)\) and interpret the results
4. Determine the break-even points
5. Find the profit function in terms of x
6. Find \(P'\left( 450 \right)\) and \(P'\left( 700 \right)\) and interpret the results.
7. Determine the price elasticity of demand when the price is set at $120 per lawnmower and at $70 per lawnmower

Price: $2.99

Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document