Problem

Total cost and revenue are approximated by the functions $C=7000+2.6 q$ and $R=6 q$, both in dollars. Identify the fixed cost, marginal cost per item, and the price at which this item is sold.

Answer

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Answer

The price at which the item is sold is the coefficient of the 'q' term in the revenue function, which is \(\boxed{6}\)

Steps

Step 1 ：Given the cost function \(C = 7000 + 2.6q\) and the revenue function \(R = 6q\)

Step 2 ：Fixed cost is the constant term in the cost function, which is \(\boxed{7000}\)

Step 3 ：Marginal cost per item is the coefficient of the 'q' term in the cost function, which is \(\boxed{2.6}\)

Step 4 ：The price at which the item is sold is the coefficient of the 'q' term in the revenue function, which is \(\boxed{6}\)

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