### Problem Statement 12. If the demand function for a product is $ p = 100 - 2x $ where $ p $ is price in dollars and $ x $ is the number of units sold, and the average cost function for the product is $ C(x) = \frac{100}{x} + 4 $ where $ x $ is the number of units sold and $ C $ is dollars per unit, what is the maximum profit? ### Answer and Work---### Explanation of Work---

Given: The demand function for the product is: P = Price of dollars X = Number of units sold The…

12. If the demand function for a product is p = 100- 2x where p is price in dollars and r is the number of units sold, and the average cost function for a product is C(x) = 100 +4 where x is the number of units sold and C is dollars per unit, what is the maximum profit? Answer and Work Explanation of Work

12. If the demand function for a product is p = 100- 2x where p is price in dollars and r is the number of units sold, and the average cost function for a product is C(x) = 100 +4 where x is the number of units sold and C is dollars per unit, what is the maximum profit? Answer and Work Explanation of Work

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

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### Problem Statement

12. If the demand function for a product is $ p = 100 - 2x $ where $ p $ is price in dollars and $ x $ is the number of units sold, and the average cost function for the product is $ C(x) = \frac{100}{x} + 4 $ where $ x $ is the number of units sold and $ C $ is dollars per unit, what is the maximum profit?

### Answer and Work

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### Explanation of Work

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