Application of differential calculus in economics: Profit, Cost and Revenue function.
The total cost of producing q units of a product is given by C(q) = q 3 - 60q2 + 1400q +1000 for 0≤q≤50; the product sells for $788 per unit. What production level maximizes profit? Find the total cost, total revenue, and total profit at this production level. Graph the cost and revenue functions on the same axes, and label the production level at which profit is maximized, and the revenue, and profit.[ Hint : Costs can go as high as $46,000]