45. PROFIT Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = 0.05x + 38. The cost of producing x hundred units is C(x) = 0.02x² + 3x + 574.77 hundred dollars. a. Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit function. b. Find the average profit AP when the price is $37 per unit. c. Use the profit curve found in part (a) to determine the level of production x that results in maximum profit. What unit price p corresponds to maximum profit?

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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45. PROFIT Suppose that when the price of a
certain commodity is p dollars per unit, then
x hundred units will be purchased by consumers,
where p = 0.05x + 38. The cost of producing
x hundred units is C(x) = 0.02x² + 3x + 574.77
hundred dollars.
a. Express the profit P obtained from the sale of x
hundred units as a function of x. Sketch the
graph of the profit function.
b. Find the average profit AP when the price is
$37 per unit.
c. Use the profit curve found in part (a) to
determine the level of production x that
results in maximum profit. What unit price p
corresponds to maximum profit?
Transcribed Image Text:45. PROFIT Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = 0.05x + 38. The cost of producing x hundred units is C(x) = 0.02x² + 3x + 574.77 hundred dollars. a. Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit function. b. Find the average profit AP when the price is $37 per unit. c. Use the profit curve found in part (a) to determine the level of production x that results in maximum profit. What unit price p corresponds to maximum profit?
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