Chapter 10.3, Problem 35E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

A firm has monthly average costs, in dollars, given by

*x* is the number of units produced per month. The firm can sell its product in a competitive market for $1600 per unit. If production is limited to 600 units per month, find the number of units that gives maximum profit, and find the maximum profit.

To determine

**To calculate:** The number of units which provides maximum profit, and also, calculate the maximum profit. If the average monthly cost (in dollar) is given as,

Where

Explanation

**Given Information:**

The provided average monthly cost (in dollar) is given as,

Where

The selling price for the product in competitive market is

**Formula Used:**

The total profit function is:

Where

**Calculation:**

Consider the average monthly cost (in dollars),

Where

Since, the selling price for the product in competitive market is

Thus the total profit function is:

Let

Total cost function can be written as:

Total revenue function can be written as:

Now, substitute the values of

Sect-10.1 P-1CPSect-10.1 P-2CPSect-10.1 P-3CPSect-10.1 P-4CPSect-10.1 P-1ESect-10.1 P-2ESect-10.1 P-3ESect-10.1 P-4ESect-10.1 P-5ESect-10.1 P-6E

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