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?

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
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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