The weekly demand for wireless mice manufactured by Insignia Consumer Electronic Products group is given by

() = 0.005 + 60,

where denotes the unit price in dollars and denotes the quantity demanded. The weekly cost function associated with producing these wireless mice is given by

() = 0.0012 + 18 + 4000 Where () denotes the total cost in dollars incurred in pressing wireless mice.

(a) Find the production level that will yield a maximum revenue for the manufacturer. What will be maximum revenue? What price the company needs to charge at that level?

(b) Find the production level that will yield a maximum profit for the manufacturer. What will be maximum profit? What price the company needs to charge at that level?

Answer rating: 100% (QA)

To find the production level that will yield maximum revenue maximum profit and the corresponding price we need to follow these steps a Maximum Revenu... View the full answer