A farm produces rice, which is sold in 50 kilogram bags. Let Q denote the number of bagsproduced per week during harvest time. Costs C are denoted in units of dollars. The totalweekly cost function for producing the product is C = 4Q + 100. The total weekly income function for this product is I = 50Q – 2Q2. What is the profit function P as a function of Q and sketch it using P values 0, 5, 10,15, 20 and 25.
A farm produces rice, which is sold in 50 kilogram bags. Let Q denote the number of bagsproduced per week during harvest time. Costs C are denoted in units of dollars. The totalweekly cost function for producing the product is C = 4Q + 100. The total weekly income function for this product is I = 50Q – 2Q2. What is the profit function P as a function of Q and sketch it using P values 0, 5, 10,15, 20 and 25.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A farm produces rice, which is sold in 50 kilogram bags. Let Q denote the number of bags
produced per week during harvest time. Costs C are denoted in units of dollars. The total
weekly cost function for producing the product is C = 4Q + 100. The total weekly income function for this product is I = 50Q – 2Q2.
What is the profit function P as a function of Q and sketch it using P values 0, 5, 10,15, 20 and 25.
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