An automobile manufacturer finds that the demand equation of producing a certain product is p = 350 – q and the cost function is c= q² + 50q + 500, where 50 < q < 120, and both p and c are expressed in Rials per unit.
An automobile manufacturer finds that the demand equation of producing a certain product is p = 350 – q and the cost function is c= q² + 50q + 500, where 50 < q < 120, and both p and c are expressed in Rials per unit.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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Transcribed Image Text:An automobile manufacturer finds that the demand equation of producing a certain product is
p = 350 – q and the cost function is c = }q² + 50q + 500, where 50 < q< 120, and both p and c
are expressed in Rials per unit.
(a) Determine the level of output at which profit is maximized.
(b) Determine the maximum profit.
(c) Determine the price at which maximum profit occurs.
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