Chapter 10.3, Problem 39E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

The monthly demand function for a product sold by a monopoly is
*x* is in hundreds of units.

(a) Find the quantity that will give maximum profit.

(b) Find the maximum profit.

**(a)**

To determine

**To calculate:** The quantity that will give maximum profit if the monthly demand function for a product sold by a monopoly is

Explanation

**Given information:**

The provided information is:

The monthly demand function for a product sold by a monopoly is

**Formula used:**

The total profit function is:

Where

**Calculation:**

Consider the provided information,

The monthly demand function for a product sold by a monopoly is

The monthly demand function for a product sold by a monopoly is:

Total cost function can be written as:

Hence,

Total revenue function can be written as:

Hence,

**(b)**

To determine

**To calculate:** The maximum profit if the monthly demand function for a product sold by a monopoly is

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