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(b) The price p must be modeled by a linear equation since the decrease in the value of P is constant with the increase in 50 units of N
The points are (200,36) and (250,35.50)
Slope = (35.50-36)/(250-200) = -0.50/50 = -0.01
Using the slope point form, we can write the equation as
Hence the price function is given by p = 38 - 0.01N
(d) The profit function can be determined by subtracting the cost function from the revenue function
Since the profit contains N^2 term, hence it is a quadratic function
For break even, the profit must be equal to zero
Solving the quadratic equation we get
N = 43.53 (smaller value)
N = 2756.47 (larger value)
Note - Post any doubts/queries in comments section.
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