A small company manufactures and sells fishing poles. The cost of manufacturing fishing poles can be modelled by the function c(x) = 7x + 3, where x is the number of batches (each containing 1000 poles) manufactured. Revenue is modelled by r(x) = x³ - 10x² + 20x. The company has enough workers to produce a maximum of 1200 fishing poles. a State the domain of both the cost and revenue functions. b Find the number of fishing poles that the company should manufacture in order to maximize its profits. The company introduces a new process which allows them to produce 6000 poles. c Find the number of poles that would cause the company to minimize profits (or maximizes losses).

A small company manufactures and sells fishing poles. The cost of manufacturing fishing poles can be modelled by the function c(x) = 7x + 3, where x is the number of batches (each containing 1000 poles) manufactured. Revenue is modelled by r(x) = x³ - 10x² + 20x. The company has enough workers to produce a maximum of 1200 fishing poles. a State the domain of both the cost and revenue functions. b Find the number of fishing poles that the company should manufacture in order to maximize its profits. The company introduces a new process which allows them to produce 6000 poles. c Find the number of poles that would cause the company to minimize profits (or maximizes losses).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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