A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. %3D a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Answers A) C(x) = 50x + 50000 , R(x) = 300x - 0.05x^2 , π(x) = 250x - 0.05x^2 - 50000 B) 2500 chairs , RM262500 C) RM175
11.
A company produces chairs for the local market. The company found that the average
cost function and the demand function in a year are C(x)=50x+
50000
and
p(x)=300–0.05x respectively, where x is the number of chairs produced.
a) Find the cost function, revenue function, and profit function.
b) Calculate the number of chairs that will maximize the profit. Hence, find the
maximum profit.
c) Determine the selling price for a unit of chair when the profit is maximum.
Transcribed Image Text:11. A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.
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