An electric power plant uses solid waste for fuel in the production of electricity. The cost Y in dollars per hour to produce electricity is Y = 8 + 0.8X + 0.16 X^2, where X is in megawatts. Revenue in dollars per hour from the sale of electricity is 16X - 0.3X^2. Find the value of X that gives maximum profit.

An electric power plant uses solid waste for fuel in the production of electricity. The cost Y in dollars per hour to produce electricity is Y = 8 + 0.8X + 0.16 X^2, where X is in megawatts. Revenue in dollars per hour from the sale of electricity is 16X - 0.3X^2. Find the value of X that gives maximum profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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