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19. DETAILS A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by 700 C = + 100x + x². X The daily demand for x units of its product is given by p= 600,000 - 50x dollars. Find the quantity that gives maximum profit. units Find the maximum profit. $ HARMATHAP12 10.3.042. What selling price should the corporation set for its product? $ Need Help? Read Watch

19. DETAILS A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by 700 C = + 100x + x². X The daily demand for x units of its product is given by p= 600,000 - 50x dollars. Find the quantity that gives maximum profit. units Find the maximum profit. $ HARMATHAP12 10.3.042. What selling price should the corporation set for its product? $ Need Help? Read Watch

Advanced Engineering Mathematics
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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19. DETAILS A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by 700 C = + 100x + x². X The daily demand for x units of its product is given by p= 600,000 - 50x dollars. Find the quantity that gives maximum profit. units Find the maximum profit. $ HARMATHAP12 10.3.042. What selling price should the corporation set for its product? $ Need Help? Read Watch
Transcribed Image Text:19. DETAILS A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by 700 C = + 100x + x². X The daily demand for x units of its product is given by p= 600,000 - 50x dollars. Find the quantity that gives maximum profit. units Find the maximum profit. $ HARMATHAP12 10.3.042. What selling price should the corporation set for its product? $ Need Help? Read Watch
Expert Solution
Step 1

Given: The average daily cost is C¯=700x+100x+x2. The daily demand is p=600000-50x .

To find: The number of units for the maximum profit. Also, find the maximum profit and the selling price.

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