Chapter 10.3, Problem 41E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

An industry with a monopoly on a product has its average weekly costs, in dollars, given by

The weekly demand for *x* units of the product is given by

To determine

**To calculate:** The price for that industry should set and the number of units industry should produce to obtain maximum profit moreover the maximum profit if the weekly demand for

Explanation

**Given information:**

An industry with a monopoly on a product has its average weekly costs, in dollars, given by:

The weekly demand for

**Formula used:**

The formula to find revenue function,

Where *x* is quality sold and

**Calculation:**

Consider the provided information:

The weekly demand for

An industry with a monopoly on a product has its average weekly costs, in dollars, given by:

The

The

Now find out the value of

Now substitute the value of

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