In this problem, p and C are in dollars and x is the number of units. A monopoly has a total cost function C = 1,000 + 54x + 18x2 for its product, which has demand function p = 162 − 3x − 2x2. Find the consumer's surplus (in dollars) at the point where the monopoly has maximum profit. (Round your answer to the nearest cent.)
In this problem, p and C are in dollars and x is the number of units. A monopoly has a total cost function C = 1,000 + 54x + 18x2 for its product, which has demand function p = 162 − 3x − 2x2. Find the consumer's surplus (in dollars) at the point where the monopoly has maximum profit. (Round your answer to the nearest cent.)
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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In this problem, p and C are in dollars and x is the number of units.
A monopoly has a total cost function
C = 1,000 + 54x + 18x2
for its product, which has demand function
p = 162 − 3x − 2x2.
Find the consumer's surplus (in dollars) at the point where the monopoly has maximum profit. (Round your answer to the nearest cent.)(it's not $83.33)
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