anonymous
  • anonymous
can someone help me where I'm going wrong? :( (1 pt) A producer finds that demand for his commodity obeys a linear demand equation , p+11x=30 where P is in dollars and X in thousands of units. If the cost equation is c(x)=8.8x^2+20x+2.5 , what price should be charged to maximize the profit? The price to maximize the profit is $ .
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
i found the price: p=(30-11x)*x
anonymous
  • anonymous
30x-11x^2- (8.8x^2+20x+2.5)
anonymous
  • anonymous
= 10x-19.8x^2-2.5

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anonymous
  • anonymous
the i find the derivative: dp/dx and set it to zero.... i got x= .252525
anonymous
  • anonymous
then i tried to plug into c(x) but it's wrong :((
anonymous
  • anonymous
i got 8.05
anonymous
  • anonymous
1 Attachment
Mertsj
  • Mertsj
Isn't profit= revenue - cost?
anonymous
  • anonymous
yeah
Mertsj
  • Mertsj
I got 6.87 for the price
anonymous
  • anonymous
how? it says its not correct..
Mertsj
  • Mertsj
price = (30-11x)x
anonymous
  • anonymous
right.
Mertsj
  • Mertsj
So if x = .25, price = (30-11/4).25=6.68
Mertsj
  • Mertsj
All depends on how many significant digits you carry for x
anonymous
  • anonymous
i tried that one too
anonymous
  • anonymous
its wrong.
Mertsj
  • Mertsj
cost per unit is c(x)/x
anonymous
  • anonymous
ok
Mertsj
  • Mertsj
If you want price per unit shouldn't you divide the price by 1000 since x is 1000 units?
anonymous
  • anonymous
howd you get that
Mertsj
  • Mertsj
and X in thousands of units. I read the problem you posted.
anonymous
  • anonymous
yeah can you tell me where i went wrong?
Mertsj
  • Mertsj
Well, I am not sure but I would try dividing the answers we got by 1000 and see if that is the price per unit.
anonymous
  • anonymous
whered you get 1000 from?
Mertsj
  • Mertsj
What does x represent?
anonymous
  • anonymous
the price
Mertsj
  • Mertsj
Read the problem. What does x represent.
anonymous
  • anonymous
thousands in units.
Mertsj
  • Mertsj
So when you got x = .25 that meant .25 thousands of units of 250 units. So when you got 6.87 for the price of x units that was for 1000 units. So each unit should be sold for 7 cents
anonymous
  • anonymous
okay... so i got x= .25 and i times that by 1000...
anonymous
  • anonymous
so whats the correct answer?
anonymous
  • anonymous
im getting it wrong.
Mertsj
  • Mertsj
So if x = .25, price = (30-11/4).25=6.68 for 250 units. 6.68/250=668 cents/250= 3 cents per unit. Try that. How many chances do you get?
anonymous
  • anonymous
huh?
Mertsj
  • Mertsj
I think the part you can't get a handle on is that x is in thousands of units. So if x is 1 that is 1000 units. If x = 2, that is 2000 units. If x = .25 that is 250 units.
anonymous
  • anonymous
right.
anonymous
  • anonymous
i understand that part.
Mertsj
  • Mertsj
What did you get for x?
anonymous
  • anonymous
555003.
Mertsj
  • Mertsj
Well that is not what you posted earlier.
anonymous
  • anonymous
i plugged in 250 into c(x)
anonymous
  • anonymous
i dont know.
anonymous
  • anonymous
whats the answer then?
anonymous
  • anonymous
isn't it .252525 *1000 = x= 252.525
Mertsj
  • Mertsj
I don't know for sure. I wanted you to try 3 cents and I asked you how many chances you get at entering the correct answer and you didn't answer me.
anonymous
  • anonymous
as many times.
Mertsj
  • Mertsj
Did you try 3 cents?
anonymous
  • anonymous
yeah its wrong.
Mertsj
  • Mertsj
I guess I can't help you then. Sorry.

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