Suppose that the price per unit in dollars of a cell phone production is modeled by p=$45−0.0125x, where xx is in thousands of phones produced, and the revenue represented by thousands of dollars is R=x⋅p. Find the production level that will maximize revenue. In addition to finding the production level that maximizes revenue, also find the maximum revenue.
Suppose that the price per unit in dollars of a cell phone production is modeled by p=$45−0.0125x, where xx is in thousands of phones produced, and the revenue represented by thousands of dollars is R=x⋅p. Find the production level that will maximize revenue. In addition to finding the production level that maximizes revenue, also find the maximum revenue.
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 19SQ
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Suppose that the price per unit in dollars of a cell phone production is modeled by p=$45−0.0125x, where xx is in thousands of phones produced, and the revenue represented by thousands of dollars is R=x⋅p. Find the production level that will maximize revenue. In addition to finding the production level that maximizes revenue, also find the maximum revenue.
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