Question: If C(x) = 17000 + 400x - 3.6x + 0.004x is the cost function and p(x) = 1600 - 9x is the demand function,

If C(x) = 17000 + 400x - 3.6x + 0.004x is the

If C(x) = 17000 + 400x - 3.6x + 0.004x is the cost function and p(x) = 1600 - 9x is the demand function, find the production level that will maximize profit. Hint: If the profit is maximized, then the marginal revenue equals the marginal cost. Do not include units in your answer.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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 Mathematics Questions!