A one product firm estimates that its daily total cost function (in suitable units) is C(x) x 3 6x 2 13x 15 and its total revenue function is R(x) 28x Find the value of x that maximizes the daily profit

Question: A one-product firm estimates that its daily total cost function (in suitable units) is C(x) = x 3 - 6x 2 + 13x + 15

A one-product firm estimates that its daily total cost function (in suitable units) is C(x) = x³ - 6x² + 13x + 15 and its total revenue function is R(x) = 28x. Find the value of x that maximizes the daily profit.

Step by Step Solution

★★★★★

3.40 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The profit function is The maxi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Applied Calculus Questions!

1. Both Smith Co and Jones Inc. sell widgets. Smith Co's sales last month equaled 1000 units and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from...

The total revenue (in $) for a manufacturer is given by the function R(x) = 300 In(x + 1), by selling x units of a product The total cost of producing x units is C(x) dollars, where C(x) = 2x. Find...

A producer of photocopiers derives profits from two sources: the immediate profit it makes on each copier sold and the additional profit it gains from servicing its copiers and selling toner and...

A one-product firm estimates that its daily total cost function (in suitable units) is C( x) =56,000+85x and its total revenue function is R(x) =345x-0.2 x^ 2 . Find the value of x that maximizes the...

A one-product firm estimates that its daily total cost function (in suitable units) is() = 56,000 + 85and its total revenue function is() = 345 0.2^2. Find the value ofthat maximizes the daily profit?

mathematics (b ) A one - product firm estimates that its daily total cost function is C(x) = x3 - 6x2 + 15x+ 15 and its total revenue is R(x) = 30x. Find the value of x that maximizes the daily profit

Review Question 1. What is sales revenue forecasting? 2. What types of data are needed to forecast sales or revenues? 3. What is cost estimation? 4. What is the first step managers need to complete...

Hi, kindly help me to answer below questions 3 and 5. Thanks! QUESTION 3 a) Find derivatives of the following functions i. Find ifs = (7+9)(#-9). (2.5 marks) ii. Find - if R(x) = 70x' +71x 2x + 2...

A company decides to launch a new product. The financial department provides the total cost function, C(x) = 100+ 20x, for producing x units. a. After suitable test marketing, the research department...

Please help Coastal Soda Sales has been granted exclusive market rights to the upcoming Beaufort Seafood Festival. This means that during the festival Coastal will have a monopoly, and it is anxious...

A circular shaft of 55 mm is running at 250 r.p.m. If the shear stress is not exceed 80 MPa, find the power which can be transmitted by the shaft.

What is the difference between the term unit cost as commonly used in a process cost system and the term job cost as commonly used in a job order cost system?

Parameterized reports look at the impact of several factors to understand sales patterns. Group of answer choices False True

Understand how race, culture, sex/gender, or generation might impact how behaviors are perceived during conflict

Figure 6.18 shows the derivative F'. If F(0) = 14, graph F. Give (x, y)-coordinates of all local maxima and minima. Area = 25 2 3 Area = 34 4 F'(x) Figure 6.18 5 6 Area = 5 X

(a) Use the derivative to find all critical points. (b) Use a graph to classify each critical point as a local minimum, a local maximum, or neither. f(x) = x 5 15x 3

Use the first derivative to find all critical points and use the second derivative to find all inflection points. Use a graph to identify each critical point as a local maximum, a local minimum, or...

You need a particular piece of equipment for your production process. An equipment-leasing company has offered to lease the equipment to you for $10,000 per year if you sign a guaranteed five-year...

The amount that corresponds to interest on interest is ??? Suppose you invest $1,100 in an account paying 4% interest per year. a. What is the balance in the account after 4 years? How much of this...

What 3 advantages do financial markets bring to any nation? What might be an advantage if transactions occurred directly between people with funds and people who had a use of funds, rather than...