Determining the level of production
Problem: It costs Dan's company C(x) = x^2 - 3x + 64 dollars to produce x items. The selling price (p) when x hundred units are produced is p(x) = (44 - x)/4. Determine the level of production (# of items produced) that maximizes profit.
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It costs Dan's company C(x) = x^2 - 3x + 64 dollars to produce x items. The selling price (p) when x hundred units are produced is p(x) = (44 - x)/4. Determine the level of production (# of items produced) that maximizes profit.
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The Demand Function for a product can be as Q=400-2P. We would have a fixed cost for this product as 200 and our variable costs are 0.5 per unit. Please let me know the equation for the profit.
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