A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by C ¯ = 800 x 100 x + x 2 The daily demand for x units of its product is given by p = 60 , 000 − 50 x dollars. Find the quantity that gives maximum profit and find the maximum profit. What selling price should the corporation set for its product?
A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by C ¯ = 800 x 100 x + x 2 The daily demand for x units of its product is given by p = 60 , 000 − 50 x dollars. Find the quantity that gives maximum profit and find the maximum profit. What selling price should the corporation set for its product?
Solution Summary: The author calculates the maximum profit and selling price for a corporation with monopolistic control in the marketplace based on p=60,000-50x.
A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by
C
¯
=
800
x
100
x
+
x
2
The daily demand for x units of its product is given by
p
=
60
,
000
−
50
x
dollars. Find the quantity that gives maximum profit and find the maximum profit. What selling price should the corporation set for its product?
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