estion 5 firm's price in a perfectly competitive market is 1000. Its cost ction is C(x) = 0.01x³ – 3x² + 1108x + 960, ere x ≥ 0 is the number of units produced and sold. Find an expression for the profit function 7(x) for x ≥ 0. Find all stationary points and determine the profit maximising el of output.

Algebra and Trigonometry (MindTap Course List)
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Chapter2: Functions
Section2.4: Average Rate Of Change Of A Function
Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.
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Question 5
A firm's price in a perfectly competitive market is 1000. Its cost
function is
C(x) = 0.01x³ 3x² +1108x + 960,
where x ≥ 0 is the number of units produced and sold.
(a) Find an expression for the profit function (x) for x ≥ 0.
(b) Find all stationary points and determine the profit maximising
level of output.
Transcribed Image Text:Question 5 A firm's price in a perfectly competitive market is 1000. Its cost function is C(x) = 0.01x³ 3x² +1108x + 960, where x ≥ 0 is the number of units produced and sold. (a) Find an expression for the profit function (x) for x ≥ 0. (b) Find all stationary points and determine the profit maximising level of output.
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