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Given the following price-demand and cost functions for a product: p(x)= 100.001x C(x) = 5000 + 2x a) Determine the revenue and profit functions.
Given the following price-demand and cost functions for a product: p(x)= 100.001x C(x) = 5000 + 2x a) Determine the revenue and profit functions. b) Using calculus determine how many products should be sold to maximize profit? c) What is the maximum profit? d) For maximum profit, what price should the product be sold for?
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a To determine the revenue and profit functions we need to use the pricedemand function p...
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
