A company produces and sells a consumer product and is able to control the demand by varying the selling price. Theapproximate relationship between price and demand is27005000p = 38 +(for D>1)D²The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What isthe number of units and total amount that should be produced and sold each month to maximize profit?

Given demand function is p=38+2700D-5000D2 Note D>1 Total fixed cost =$1000 and variable…

A company produces and sells a consumer product and is able to control the demand by varying the selling price. The approximate relationship between price and demand is 2700 5000 p = 38 + D %3D (for D>1) D² The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What is the number of units and total amount that should be produced and sold each month to maximize profit?

A company produces and sells a consumer product and is able to control the demand by varying the selling price. The approximate relationship between price and demand is 2700 5000 p = 38 + D %3D (for D>1) D² The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What is the number of units and total amount that should be produced and sold each month to maximize profit?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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