12. Given the following price-demand and cost functions for a product: p(x) = 10 -0.001x C(x) = 5000+2x a) Determine the revenue and profit functions. b) Using calculus determine how many products should be sold to maximize profit? c) What is the maximum profit? d) For maximum profit, what price should the product be sold for?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
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12.Plz answer all parts correctly asap
12. Given the following price-demand and cost functions for a product:
p(x) = 10-0.001x
C(x) = 5000 + 2x
a) Determine the revenue and profit functions.
b) Using calculus determine how many products should be sold to maximize profit?
c) What is the maximum profit?
d) For maximum profit, what price should the product be sold for?
Transcribed Image Text:12. Given the following price-demand and cost functions for a product: p(x) = 10-0.001x C(x) = 5000 + 2x a) Determine the revenue and profit functions. b) Using calculus determine how many products should be sold to maximize profit? c) What is the maximum profit? d) For maximum profit, what price should the product be sold for?
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