The demand function for a certain commodity is p(x)=10-0.001x, where p is measured in dollars and x is the number of units produced and sold. The total cost of producing x items is C(x)=50+5x Determine the level of production that maximizes the profit P(x), where P(x) = R(x) - C(x).

The demand function for a certain commodity is p(x)=10-0.001x, where p is measured in dollars and x is the number of units produced and sold. The total cost of producing x items is C(x)=50+5x Determine the level of production that maximizes the profit P(x), where P(x) = R(x) - C(x).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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