The demand function for indoor plant pots is given by the equation P=1600-4Q where P is the
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Question:
The demand function for indoor plant pots is given by the equation P=1600-4Q where P is the price and Q is the quantity. The average cost of producing one indoor plant pot is AC=300/Q+20
(1)Write down the equations for total revenue and marginal revenue
(2)Write down the equations for total cost and marginal cost.
(3)Write down the equation for profit.
(4)How many indoor plant pots must be produced and sold to maximize total profit?
(5)Calculate the maximum profit.
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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