PROFIT Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = -0.05x + 38. The cost of producing x hundred units is C(x) = 0.02x² + 3x + 574.77 hundred dollars. a. Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit function. b. Find the average profit AP when the price is $37 per unit. c. Use the profit curve found in part (a) to determine the level of production x that results in maximum profit. What unit price p corresponds to maximum profit?
PROFIT Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = -0.05x + 38. The cost of producing x hundred units is C(x) = 0.02x² + 3x + 574.77 hundred dollars. a. Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit function. b. Find the average profit AP when the price is $37 per unit. c. Use the profit curve found in part (a) to determine the level of production x that results in maximum profit. What unit price p corresponds to maximum profit?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter9: Functions
Section9.CR: Review Problem Set
Problem 24CR: An outpatient operating room charges each patient a fixed amount per surgery plus an amount per...
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