(d) You have been hired at Maxxis ltd. where the marginal revenue function of the company is given by the expression MR = 23q + q³-3q2 while its average cost is given by the expression AC = 6q + 50 9 - q2 where q represents the number of units produced and sold by Maxxis company. The directors require you to advise them on; (i) The total revenue, total cost and total profit functions. (ii) The quantity which would maximize the profit and revenue. (iii) Maximum profit and revenue that can be attained.
(d) You have been hired at Maxxis ltd. where the marginal revenue function of the company is given by the expression MR = 23q + q³-3q2 while its average cost is given by the expression AC = 6q + 50 9 - q2 where q represents the number of units produced and sold by Maxxis company. The directors require you to advise them on; (i) The total revenue, total cost and total profit functions. (ii) The quantity which would maximize the profit and revenue. (iii) Maximum profit and revenue that can be attained.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:(d) You have been hired at Maxxis ltd. where the marginal revenue function of the company is given
by the expression MR = 23q + q³-3q2 while its average cost is given by the expression AC =
6q +
50
9
-
q2 where q represents the number of units produced and sold by Maxxis company. The
directors require you to advise them on;
(i)
The total revenue, total cost and total profit functions.
(ii)
The quantity which would maximize the profit and revenue.
(iii)
Maximum profit and revenue that can be attained.
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