Chapter 10.3, Problem 40E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

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

To determine

**To calculate:** The number of units that maximizes profit and will the maximum profit result in a profit or loss if the monthly demand function for

Explanation

**Given information:**

The provided information is:

The monthly demand function for

**Formula used:**

The total profit function is:

Where

**Calculation:**

Consider the provided information,

The monthly demand function for

The monthly demand function for

The average cost is given by:

Total cost function can be written as:

Total revenue function can be written as:

Now, substitute the values of

Hence, the value of

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