2 The monthly demand function for a product sold by a monopoly is p = 2,008 -² dollars, and the average cost is C = 1,000 + 8x + x² dollars. Production is limited to 1,000 units, and x is in hundreds of units. Find the revenue function, R(x). R(x) = Find the cost function, C(x). C(x) = Find the profit function, P(x). P(x) = (a) Find P'(x). P'(x) = Considering the limitations of production, find the quantity (in hundreds of units) that will give the maximum profit. hundred units (b) Find the maximum profit. (Round your answer to the nearest cent.) S

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1 2
The monthly demand function for a product sold by a monopoly is p = 2,008 -² dollars, and the average cost is
C = 1,000 + 8x + x² dollars. Production is limited to 1,000 units, and x is in hundreds of units.
Find the revenue function, R(x).
R(x) =
Find the cost function, C(x).
C(x) =
Find the profit function, P(x).
P(x) =
(a) Find P'(x).
P'(x) =
Considering the limitations of production, find the quantity (in hundreds of units) that will give the maximum profit.
hundred units
(b) Find the maximum profit. (Round your answer to the nearest cent.)
$
Transcribed Image Text:1 2 The monthly demand function for a product sold by a monopoly is p = 2,008 -² dollars, and the average cost is C = 1,000 + 8x + x² dollars. Production is limited to 1,000 units, and x is in hundreds of units. Find the revenue function, R(x). R(x) = Find the cost function, C(x). C(x) = Find the profit function, P(x). P(x) = (a) Find P'(x). P'(x) = Considering the limitations of production, find the quantity (in hundreds of units) that will give the maximum profit. hundred units (b) Find the maximum profit. (Round your answer to the nearest cent.) $
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