1. Our variable is q. The function we want to maximize is the profit, which is (revenue)-(cost). So we find the revenue and then the profit Call this function f. 2. Given the nature of the problem, we should only consider the values of q that are ? 3. Find f'(q) : The critical value of the function f is q =

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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The demand equation for a monopolist's product is p=−2q+322. The total cost function is c=46q+800. Find the output level and the price at which profit is maximized. What is this profit?

1. Our variable is q. The function we want to maximize is the profit, which is (revenue)-(cost). So we find the revenue
and then the profit
Call this function f.
2. Given the nature of the problem, we should only consider the values of
that are
?
3. Find f'(q) =
The critical value of the function f is q =
Transcribed Image Text:1. Our variable is q. The function we want to maximize is the profit, which is (revenue)-(cost). So we find the revenue and then the profit Call this function f. 2. Given the nature of the problem, we should only consider the values of that are ? 3. Find f'(q) = The critical value of the function f is q =
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