For a certain company, the cost function for producing x items is C (x) = 50 x + 100 and therevenue function for selling x items is R(x) = -0.5(x – 110)- + 6,050. The maximum capacityof the company is 170 items.The profit function P (x) is the revenue function R (x) (how much it takes in) minus the cost functionC (x) (how much it spends). In economic models, one typically assumes that a company wants tomaximize its profit, or at least make a profit!Answers to some of the questions are given below so that you can checkyourwork.1. Assuming that the company sells all that it produces, what is the profit function?P(x) =abaVāb|a|sin (a) 1. Assuming that the company sells all that it produces, what is the profit function?Р(") —abavāasin (a)Hint: Profit = Revenue - Cost as we examined in Discussion 3.2. What is the domain of P(x)?Hint: Does calculating P (x) make sense when x =-10 or x1,000?3. The company can choose to produce either 60 or 70 items. What is their profit for each case,andwhich level of production should they choose?Profit when producing 60 items =NumberProfit when producing 70 items =Number4. Can you explain, from our model, why the company makes less profit when producing 10 moreunits?

For a certain company, the cost function for producing x items is C (x) = 50 x + 100 revenue function for selling x items is R(x) = -0.5(x – 110)2 + 6,050. The maximum | of the company is 170 items. he profit function P(x) is the revenue function R(x) (how much it takes in) minus the cos (x) (how much it spends). In economic models, one typically assumes that a company naximize its profit, or at least make a profit! nswers to some of the questions are given below so that you can check your work.

For a certain company, the cost function for producing x items is C (x) = 50 x + 100 revenue function for selling x items is R(x) = -0.5(x – 110)2 + 6,050. The maximum | of the company is 170 items. he profit function P(x) is the revenue function R(x) (how much it takes in) minus the cos (x) (how much it spends). In economic models, one typically assumes that a company naximize its profit, or at least make a profit! nswers to some of the questions are given below so that you can check your work.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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