Let the demand function for a product be given by the function
D(q)= 1.25q +240, where q is the quantity of items in demand and
D(q) is the price per item, in dollars, that can be charged when
q units are sold. Suppose fixed costs of production for this item are
$4,000 and variable costs are
$2 per item produced. If 15 items are produced and sold, find the following:
Revenue
Total costs
Total profit