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

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The weekly demand for x units of the product is given by p=120-0.015x dollars. Find the price the industry should set and the number of units it should produce to obtain maximum profit. Find the maximum profit.

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 06:53 AM

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

Question:

C= = = 10,000 + 60 – 0.03x + 0.00001x?

Step by Step Answer:

Rx 9x 120x 0015x 2 Cx Cxx 1000060x003x 2 000001x 3 Px 100006...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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