If = 3x + 20 and = 44 – 5x where x is the number of units produced and sold, and the cost of production of 80 units is $11,400, find the total cost and the total revenue functions. b) Find the profit (or loss) at this level. At what value of x is the profit maximized.
If = 3x + 20 and = 44 – 5x where x is the number of units produced and sold, and the cost of production of 80 units is $11,400, find the total cost and the total revenue functions. b) Find the profit (or loss) at this level. At what value of x is the profit maximized.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
Section4.1: Quadratic Functions
Problem 6SC: A company that makes and sells baseball caps has found that the total monthly cost C in dollars of...
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Question
If = 3x + 20 and = 44 – 5x where x is the number of units produced and sold, and the cost of production of 80 units is $11,400, find the total cost and the total revenue functions.
b) Find the profit (or loss) at this level. At what value of x is the profit maximized.
Expert Solution
Step 1
We know that
Marginal cost = 3x + 20
Marginal revenue = 44 – 5x
the cost of production of 80 units is $11,400
Step 2
Total Cost function
Total Revenue function
Profit function
Step by step
Solved in 3 steps with 1 images
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