Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

13.the cost in dollars, for a company to produce x widgets is given by C(x)=5250=7.00x for x>=0, and the price demand function, in dollars per

13.the cost in dollars, for a company to produce x widgets is given by C(x)=5250=7.00x for x>=0, and the price demand function, in dollars per widget, is p(x)=45-0.02x for 0<=x<=2250.

a) The profit function is a quadratic function and so its graph is a parabola.

Does the parabola open up or down?

b) Find the vertex of the profit function P(x) using algebra.

c) State the maximum profit and the number of widgets which yield that maximum profit:

The maximum profit is ______ when _______ widgets are produced and sold.

d) determine the price to change per widget in order to maximize profit.

e) Find and interpret the break-even points. (algebraic work)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Latin America's Economy Diversity, Trends, And Conflicts

Authors: Eliana Cardoso, Ann Helwege

1st Edition

0262531259, 9780262531252

More Books

Students also viewed these Economics questions

Question

=+1. Do you have insurance?

Answered: 1 week ago

Question

=+ 2. Do you have a license and do you have insurance?

Answered: 1 week ago