Chapter 13.4, Problem 25E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

In Problems 17-26, *p* and *C* are in dollars and *x* is the number of units.

A monopoly has a total cost function

To determine

**To calculate:** The Consumer’s Surplus where the monopoly has maximum profit for a product whose demand function is approximated by

Explanation

**Given Information:**

Demand function is approximated by

Monopoly has cost function

**Formula used:**

According to the Consumer’s Surplus:

If the demand curve has equation

The Profit Function is,

**Calculation:**

Consider the demand function:

Since, to know the point where the profit is maximized that is

Substitute the value of

The Profit Function is,

Substitute

Now differentiate the profit function to get the maxima,

Now solve for *x,</*

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