If it is known the demand function of a product is: p = 820 - 0.05q and the cost function is: c = 500 + 50q , where p = the price of goods; q = number of goods; c = cost a. Specify the profit function of the equation above. b. How many items must be produced to get the maximum profit? c. What is the price value incurred?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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If it is known the demand function of a product is: p = 820 - 0.05q and the cost function is:
c = 500 + 50q , where p = the price of goods; q = number of goods; c = cost
a. Specify the profit function of the equation above.
b. How many items must be produced to get the maximum profit?
c. What is the price value incurred?
d. What is the maximum profit value?
E. Describe your opinion on the result of point b and point d above.

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