A small business has weekly average costs, in dollars, of C ¯ = 100 x + 30 + x 10 where x is the number of units produced each week. The competitive market price for this business’s product is $46 per unit. If production is limited to 150 units per week, find the level of production that yields maximum profit, and find the maximum profit.
A small business has weekly average costs, in dollars, of C ¯ = 100 x + 30 + x 10 where x is the number of units produced each week. The competitive market price for this business’s product is $46 per unit. If production is limited to 150 units per week, find the level of production that yields maximum profit, and find the maximum profit.
Solution Summary: The author explains how to calculate the level of production which provides maximum profit, and calculates the maximal profit.
A small business has weekly average costs, in dollars, of
C
¯
=
100
x
+
30
+
x
10
where x is the number of units produced each week. The competitive market price for this business’s product is $46 per unit. If production is limited to 150 units per week, find the level of production that yields maximum profit, and find the maximum profit.
WebAssign with Corequisite Support for Harshbarger/Reynolds/Karr/Massey's Mathematical Applications for the Management, Life, and Social Sciences, 12th Edition [Instant Access], Single-Term
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.