Suppose the manufacturer in Exercise 40 has only $11,000 to spend on the development and promotion of
Question:
Suppose the manufacturer in Exercise 40 has only $11,000 to spend on the development and promotion of the new product. How should this money be allocated to generate the largest possible profit?
Data from Exercises 40
A manufacturer is planning to sell a new product at the price of $350 per unit and estimates that if x thousand dollars is spent on development and y thousand dollars is spent on promotion, consumers will buy approximately
units of the product. If manufacturing costs for the product are $150 per unit, how much should the manufacturer spend on development and how much on promotion to generate the largest possible profit if unlimited funds are available?
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Step by Step Answer:
From problem 40 the profit function is The constraint is x y 11 thousand ...View the full answer
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Related Book For 
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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