Question
Suppose that the cost of producing x units of an item is given by C(x)=1400+150x1.2x 2 +0.001x 3 and that the demand function is p(x)=9903x
Suppose that the cost of producing x units of an item is given by C(x)=1400+150x1.2x2+0.001x3and that the demand function is p(x)=9903x
- Find the profit function, P(x)
- Find the production level that will maximize profit.
I mainly dont understand the framing of this question. how would you find profit given cost and demand?
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Complex Survey Data Analysis With SAS
Authors: Taylor H Lewis
1st Edition
1498776809, 9781498776806
