Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

The quantity demanded each month of the Walter Serkin recording of Beethoven's Moonlight Sonata, produced by Phonola Media, is related to the price per compact

image text in transcribed
image text in transcribed
The quantity demanded each month of the Walter Serkin recording of Beethoven's Moonlight Sonata, produced by Phonola Media, is related to the price per compact disc. The equation p = 0.00037X + 6 (0 S X 5 12,000) where p denotes the unit price in dollars and x is the number of discs demanded, relates the demand to the price. The total monthly cost (in dollars) for pressing and packaging X copies of this classical recording is given by C00 = 600 + 2x 0.00003x2 (0 s x 5 20,000). Hint: The revenue is R(x) = px, and the profit is P(X) = R(X) C(x). Find the revenue function, R(X) = px. Find the profit function, P(X) = R(x) C(x). Find the derivative of the profit function, P(X). Find the critical number of the function P(X). (Round your answer to the nearest whole number.) x: To maximize its profits, how many copies should Phonola produce each month? (Round your answer to the nearest whole number.) discs/month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Mathematics questions