Some years ago it was estimated that the demand for steel approximately satisfied the equation p = 202 - 25x, and the total cost of producing x units of steel was C(x) = 128 + 52x. (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).
Some years ago it was estimated that the demand for steel approximately satisfied the equation p = 202 - 25x, and the total cost of producing x units of steel was C(x) = 128 + 52x. (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).
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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Transcribed Image Text:Some years ago it was estimated that the demand for steel approximately satisfied the equation p = 202 - 25x, and the
total cost of producing x units of steel was C(x) = 128 + 52x. (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).
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