The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production that yields maximum profit, and find the maximum profit. units P-$ Need Help? Talk to a Tutor Read t Watch it

The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production that yields maximum profit, and find the maximum profit. units P-$ Need Help? Talk to a Tutor Read t Watch it

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production that yields maximum profit, and find the maximum profit.
units
P-$
Need Help?
Talk to a Tutor
Read t
Watch it

Expert Solution

Step 1

In the production function, different inputs are used to produce the final output. Each input has its own level of productivity. A firm produces with the aim to maximize profits. Revenues and profits induce firms to produce further. Profit is the value that can be obtained by deducting the total cost from total revenue.

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