For a certain product, suppose that total costs are given by c(x) = 1600 + 1500x and total revenues by R(x) = 1600x-x2 (b) Find the profit function, p(x). c) Find the number of units that will maximize profit. (d) Find the maximum profit.
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For a certain product, suppose that total costs are given by c(x) = 1600 + 1500x and total revenues by R(x) = 1600x-x2
(b) Find the profit function, p(x).
c) Find the number of units that will maximize profit.
(d) Find the maximum profit.
b. Profit (P) is calculated by the difference between total cost [c(x)] and total revenue [R(x)]. Therefore,
c. Profit is maximized at the point where differentiation of profit with respect to x (dP/dx) is zero.
Therefore, the number of units that will maximize profit is 50 units.
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