The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold?
The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold?
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.7P
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The total revenue function for a product is given by
R=655x
dollars, and the total cost function for this same product is given by
C=19,250+70x+x2,
where C is measured in dollars. For both functions, the input x is the number of units produced and sold.
a. Form the profit function for this product from the two given functions.
b. What is the profit when
25
units are produced and sold?
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