Find optimal amount of input in order to maximize profit
Problem: Given the following production function ,where x is an input and Q is output.Output sells for $10.00 per unit and inputs (X) are $20.00 per unit. Determine the optimal amount of input (X) to use in order to maximize profit. Q = 10-.25X^2
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Given the following production function ,where x is an input and Q is output.Output sells for $10.00 per unit and inputs (X) are $20.00 per unit. Determine the optimal amount of input (X) to use in order to maximize profit.
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