A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p=$39+ 2,900 4,900 D² D for D > 1. where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $900 per month and the variable cost (,) is $41 per unit a. What is the number of units that should be produced and sold each month to maximize profit? b. Show that your answer to Part (a) maximizes profit. ACCES a. There should be produced units per month. (Round to the nearest whole number.) b. Choose the correct answer below. OA. The answer to Part (a) does not maximize profit because the first derivative is negative for D> 1. OB. The answer to Part (a) maximizes profit because the second derivative is negative for D> 1 OC. The answer to Part (a) maximizes profit because the first derivative is positive for D>1. OD. The answer to Part (a) does not maximize profit because the first derivative is positive for D> 1.

A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p=$39+ 2,900 4,900 D² D for D > 1. where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $900 per month and the variable cost (,) is $41 per unit a. What is the number of units that should be produced and sold each month to maximize profit? b. Show that your answer to Part (a) maximizes profit. ACCES a. There should be produced units per month. (Round to the nearest whole number.) b. Choose the correct answer below. OA. The answer to Part (a) does not maximize profit because the first derivative is negative for D> 1. OB. The answer to Part (a) maximizes profit because the second derivative is negative for D> 1 OC. The answer to Part (a) maximizes profit because the first derivative is positive for D>1. OD. The answer to Part (a) does not maximize profit because the first derivative is positive for D> 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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