Answered: If it is known the demand function of a…

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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If it is known the demand function of a product is: p = 820 - 0.05q and the cost function is:
c = 500 + 50q , where p = the price of goods; q = number of goods; c = cost
a. Specify the profit function of the equation above.
b. How many items must be produced to get the maximum profit?
c. What is the price value incurred?
d. What is the maximum profit value?
E. Describe your opinion on the result of point b and point d above.

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