You want to produce a certain number of products in order to maximize your profit. Market research tells you that if you set the price at $5, you will be able to sell 5000 items, and for every 10 cents you lower the price below $5 you will be able to sell another 1000 items. Suppose that your fixed costs total $2000, and the per item cost of production is $1. Find the price to set per item and the number of items sold in order to maximize profit, and also determine get. Explain your answer in details with equation and show the steps. maximum profit you can
You want to produce a certain number of products in order to maximize your profit. Market research tells you that if you set the price at $5, you will be able to sell 5000 items, and for every 10 cents you lower the price below $5 you will be able to sell another 1000 items. Suppose that your fixed costs total $2000, and the per item cost of production is $1. Find the price to set per item and the number of items sold in order to maximize profit, and also determine get. Explain your answer in details with equation and show the steps. maximum profit you can
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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Transcribed Image Text:You want to produce a certain number of products in order to maximize your profit. Market research tells you that if you set the price at
$5, you will be able to sell 5000 items, and for every 10 cents you lower the price below $5 you will be able to sell another 1000 items.
Suppose that your fixed costs total $2000, and the per item cost of production is $1.
Find the price to set per item and the number of items sold in order to maximize profit, and also determine
get. Explain your answer in details with equation and show the steps.
maximum profit you can
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