Find the maximum profit and the number of units that must be produced and sold in order to yield the maximum profit. Assume that revenue, R(x), and cost, C(x), are in thousands of dollars, and x is in thousands of units. R(x) = 7x- 4x, C(x)=x° - 5x² + 4x +1 The production level for the maximum profit is about units. (Do not round until the final answer. Then round to the whole number as needed.)

Find the maximum profit and the number of units that must be produced and sold in order to yield the maximum profit. Assume that revenue, R(x), and cost, C(x), are in thousands of dollars, and x is in thousands of units. R(x) = 7x- 4x, C(x)=x° - 5x² + 4x +1 The production level for the maximum profit is about units. (Do not round until the final answer. Then round to the whole number as needed.)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 15CQ

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