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c. Find the price that gives the maximum profit. Also, find that maximum profit.

c. Find the price that gives the maximum profit. Also, find that maximum profit.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question C.
1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. a. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.
Transcribed Image Text:1. Revenue is calculated by multiplying the price of an item by the quantity sold: Revenue = Price • Quantity For a particular item the price is x dollars At that price of x dollars the quantity sold is 2x + 30+ 100. a. Write a function for the revenue in terms of the price (your equation should only contain variables for revenue and price). b. Profit is calculated by subtracting the cost of making the item from the revenue generated by selling the item: Profit = Revenue – Cost For the particular item in part (a), the cost of making the item is 3x² +15x, where x is again the price of the item. Write a function for the profit in terms of the price (your equation should only contain variables for profit and price). c. Find the price that gives the maximum profit. Also, find that maximum profit.
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