Given the following price-demand and cost functions for a product: p(x)= 100.001x C(x) = 5000 +...

 

Transcribed Image Text:

Given the following price-demand and cost functions for a product: p(x)= 100.001x C(x) = 5000 + 2x a) Determine the revenue and profit functions. b) Using calculus determine how many products should be sold to maximize profit? c) What is the maximum profit? d) For maximum profit, what price should the product be sold for? Given the following price-demand and cost functions for a product: p(x)= 100.001x C(x) = 5000 + 2x a) Determine the revenue and profit functions. b) Using calculus determine how many products should be sold to maximize profit? c) What is the maximum profit? d) For maximum profit, what price should the product be sold for?

Answer rating: 100% (QA)

a To determine the revenue and profit functions we need to use the pricedemand function p... View the full answer