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Ray Atkinson, Graduate Student

Category: Homework

Satisfied Customers: 1794

Experience: Degrees in Math, Education and Accounting, years and years of tutoring.

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Use the following information to complete each item:
The Candy

Customer Question

Use the following information to complete each item: The Candy Shack sells fine chocolate candies by the box. The daily revenue R achieved by selling x boxes of candy is modeled by R(x) = 9.5x – 0.04x². The daily cost C of selling x boxes of candy is C(x) = 1.25x + 250.

1. In your own words, explain the meaning of the terms revenue, cost, and profit as they relate to The Candy Shack. Provide examples of each and describe how each is calculated.

2. Write an equation to represent profit, P(x) earned by The Candy Shack for selling x boxes of chocolate.

3. Complete the following table. Explain the significance of each value calculated. Number of Boxes Sold Profit 1 50 100 200 250

4. What is the profit for selling 300 boxes of chocolates in a day? Explain the significance of this value.

5. How many boxes of candy must The Candy Shack sell to maximize profit? What is the maximum profit?

The revenue is the amount of money that is made by selling the candy. Cost is the amount of money that is spent to make and market the candy. Profit is the amount of money left over form the revenue after the cost is spent. P(x) = -0.04x² + 9.5x - (1.25x + 250) = -0.04x² + 8.25x - 250

Ray Atkinson :

(still working)

Ray Atkinson :

1, $-241.79 50, $62.50 100, 175 200, -200

250, -687.50

Ray Atkinson :

300 a day would be a loss of $1375

JACUSTOMER-66ydjasu- :

Hello Ray, the formula makes sense since it is supposed to be a quadratic equation but my biggest challenge was with the table and the profit made from the number of boxes sold. I did get the same answer as you did, it didn't seem to make sense but I guess I was right.

Ray Atkinson :

Hmmm. Let me double check those numbers.

Ray Atkinson :

8.25 / 0.08 = 103.125. This is the max for this problem. I would recommend that you check with your instructor that this is not a typo. I think there is something wrong with the problem.

$175.391 is the max as the problem is given, but I believe there is a mistake here. Check with your instructor and get back to me. I want to give you right info for the right problem.

The fact that the problem asked about 300 chocolates does not make sense.

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