Some eyears ago it was estimated that the demand for steel approximately satisfied and total cost were measured in millions of dollars.) Determine the level of product The maximum profit occurs at x= (million tons). The corresponding price is dollars per ton.

College Algebra (MindTap Course List)
12th Edition
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Author:R. David Gustafson, Jeff Hughes
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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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Some years ago it was estimated that the demand for steel approximately satisfied the equation p= 250 - 20x, and the total cost of producing x units of steel was C(x) = 139 + 50x. (The quantity x was measured in millions of tons and the price
and total cost were measured in millions of dollars.) Determine the level of production and the corresponding price that maximize the profits.
The maximum profit occurs at x= (million tons).
The corresponding price is dollars per ton.
Transcribed Image Text:Some years ago it was estimated that the demand for steel approximately satisfied the equation p= 250 - 20x, and the total cost of producing x units of steel was C(x) = 139 + 50x. (The quantity x was measured in millions of tons and the price and total cost were measured in millions of dollars.) Determine the level of production and the corresponding price that maximize the profits. The maximum profit occurs at x= (million tons). The corresponding price is dollars per ton.
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