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pafoo
Group Title
A company has determined that when x items are sold daily, the profit P is given by
P(x)=0.002x^2+4.3x120
What is the profit if 700 items are made?
How many items should be made daily in order to maximize the companys profit?
I know the first one is 1,910, but how do I maximize the company's profit?
 2 years ago
 2 years ago
pafoo Group Title
A company has determined that when x items are sold daily, the profit P is given by P(x)=0.002x^2+4.3x120 What is the profit if 700 items are made? How many items should be made daily in order to maximize the companys profit? I know the first one is 1,910, but how do I maximize the company's profit?
 2 years ago
 2 years ago

This Question is Closed

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
This basically asks you to find the vertex of the equation
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
find the derivative and set it to zero
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
solve for x then
 2 years ago

pafoo Group TitleBest ResponseYou've already chosen the best response.0
What formula would I use?
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
I don't know any formulas but I do know how to find it using a derivative
 2 years ago

pafoo Group TitleBest ResponseYou've already chosen the best response.0
Ok, any advice on how I should proceed?
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
Find the derivative
 2 years ago

pafoo Group TitleBest ResponseYou've already chosen the best response.0
So if I get a derivative of 4.30.004x, what should I do then?
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
set it to zero and solve for x
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
4.30.004x=0
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
4.30.004x=0 0.004x=4.3 x=4.3/0.004 x=1075
 2 years ago

pafoo Group TitleBest ResponseYou've already chosen the best response.0
i see, so the derivative is the key, awesome, thanks!
 2 years ago

RyanL. Group TitleBest ResponseYou've already chosen the best response.1
http://www.wolframalpha.com/input/?i=0.002x%5E2%2B4.3x120 if you graph it you can see the highest point right? That point is called the vertex and you can find it using the derivative
 2 years ago

pafoo Group TitleBest ResponseYou've already chosen the best response.0
Ah, ok I got you.
 2 years ago
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