Chapter 10.3, Problem 42E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

A large corporation with monopolistic control in the marketplace has its average daily costs, in dollars, given by

The daily demand for *x* units of its product is given by

To determine

**To calculate:** The quantity that gives maximum profit and find the maximum profit and the selling price should the corporation set for is product if the daily demand for

Explanation

**Given information:**

The large corporation with monopolistic control in the marketplace has its average daily costs, in dollars given by:

The daily demand for

**Formula used:**

The total profit function is:

Where

**Calculation:**

Consider the provided information:

The daily demand for

The large corporation with monopolistic control in the marketplace has its average daily costs, in dollars given by:

Now find out the value of

Now substitute the value of

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