Question

Asked Nov 19, 2019

16 views

Step 1

a)

To maximize the function, the first derivative of the function is set to 0 and the value of *p* is determined.

Given function is:

Applying derivative with respect to *p*:

The function has extreme value when the derivative is 0.

So the function has a maximum value when *p* = 20.50 i.e. the price that generates the maximum profit is 20.50

Step 2

b)

Plugging *p* = 20.50 in the function to obtain the maximum value of the function:

So the maximum profit is 312.50

Step 3

c)

For break even, the monthly profit needs to be 0. So plugging *f* = 0 in the equation and solving for *p* gives the values of *p* for which there i...

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