For a certain company, the cost for producing x items is 40x+300 and the revenue for selling x items is 80x−0.5x2. The profit that the company makes is how much it takes in (revenue) minus how much it spends (cost). In economic models, one typically assumes that a company wants to maximize its profit, or at least wants to make a profit! Part a: Set up an expression for the profit from producing and selling x items. We assume that the company sells all of the items that it produces. (Hint: it is a quadratic polynomial.) Part b: Find two values of x that will create a profit of $50. The field below accepts a list of numbers or formulas separated by semicolons (e.g. 2;4;6 or x+1;x−1). The order of the list does not matter. To enter a−−√, type sqrt(a).
For a certain company, the cost for producing x items is 40x+300 and the revenue for selling x items is 80x−0.5x2.
The profit that the company makes is how much it takes in (revenue) minus how much it spends (cost). In economic models, one typically assumes that a company wants to maximize its profit, or at least wants to make a profit!
Part a: Set up an expression for the profit from producing and selling x items. We assume that the company sells all of the items that it produces. (Hint: it is a quadratic polynomial.)
Part b: Find two values of x that will create a profit of $50.
The field below accepts a list of numbers or formulas separated by semicolons (e.g. 2;4;6 or x+1;x−1). The order of the list does not matter. To enter a−−√, type sqrt(a).
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