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A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. %3D a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.

A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. %3D a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...
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Answers A) C(x) = 50x + 50000 , R(x) = 300x - 0.05x^2 , π(x) = 250x - 0.05x^2 - 50000 B) 2500 chairs , RM262500 C) RM175
11. A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.
Transcribed Image Text:11. A company produces chairs for the local market. The company found that the average cost function and the demand function in a year are C(x)=50x+ 50000 and p(x)=300–0.05x respectively, where x is the number of chairs produced. a) Find the cost function, revenue function, and profit function. b) Calculate the number of chairs that will maximize the profit. Hence, find the maximum profit. c) Determine the selling price for a unit of chair when the profit is maximum.
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