Suppose that for a product in a competitive market, the demand function is p = 800 3
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Question:
Suppose that for a product in a competitive market, the demand function is
p = 800 3x
and the supply function is
p = 200 + 3x,
where x is the number of units and p is in dollars. A firm's average cost function for this product is as follows.
C(x) = 13,000/x +40+x
Find the maximum profit, in dollars.
Related Book For
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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