The monthly demand function for a product sold by a monopoly is p=1860-1/3x2 dollars the average cost is c=900+2x+x2 dollars. Production is limited to 1000 units and x is in hundred of units. (a) Find the quanity(in hundred of units) that will give maximum profits (b) Find the maximum profit. (Round yur answer to the nearest cent.)
The monthly demand function for a product sold by a monopoly is p=1860-1/3x2 dollars the average cost is c=900+2x+x2 dollars. Production is limited to 1000 units and x is in hundred of units. (a) Find the quanity(in hundred of units) that will give maximum profits (b) Find the maximum profit. (Round yur answer to the nearest cent.)
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter10: Inequalities
Section10.3: Solving Problems Involving Inequalities
Problem 14P
Related questions
Question
The monthly demand function for a product sold by a monopoly is p=1860-1/3x2 dollars the average cost is c=900+2x+x2 dollars. Production is limited to 1000 units and x is in hundred of units.
(a) Find the quanity(in hundred of units) that will give maximum profits
(b) Find the maximum profit. (Round yur answer to the nearest cent.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.Recommended textbooks for you
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning