A paint company has a specific type of interior paint which costs $5.55 to produce each unit. The company also has a fixed cost of $15,000 per month. The price function for this paint is p 42 0.01q, where p is the price at which exactly q units are sold. The company must make at least 1000 units to remain competitive. 1. Find the minimum total cost for one month 2. Find the maximum revenue for one month. 3. Find the maximum profit for one month.

Answer:Minimum total cost = $20550 maximum revenue $44,100Step-by-step explanation:Given data:Production cost $5.55 per unitFixed cost = $15000 per monthPrice, p = 42-0.01 qwhere. q represent number of unit producedrevenue can be wriiten asp.q =  42q - 0.01q^21) from information 1000 unit has to produced therefore total cost = 15000 + 5.55×1000 = $20550Minimum total cost = $205502) Revenue  =  42q - 0.01q^2[tex]\frac{d revenue}{dq} = 42q - 2\times 0.01q = 0[/tex]therefore  for maximum revenue q is = 2100so, maximum revenue [tex]=  4.2 \times 2100 - 0.01(2100)^2[/tex]                                       =  $44,100