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anonymous
 3 years ago
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 $ .
anonymous
 3 years ago
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 $ .

This Question is Closed

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0i found the price: p=(3011x)*x

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.030x11x^2 (8.8x^2+20x+2.5)

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0the i find the derivative: dp/dx and set it to zero.... i got x= .252525

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0then i tried to plug into c(x) but it's wrong :((

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Isn't profit= revenue  cost?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0I got 6.87 for the price

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0how? it says its not correct..

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0So if x = .25, price = (3011/4).25=6.68

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0All depends on how many significant digits you carry for x

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0If you want price per unit shouldn't you divide the price by 1000 since x is 1000 units?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0and X in thousands of units. I read the problem you posted.

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0yeah can you tell me where i went wrong?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Well, 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
 3 years ago
Best ResponseYou've already chosen the best response.0whered you get 1000 from?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Read the problem. What does x represent.

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0So 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
 3 years ago
Best ResponseYou've already chosen the best response.0okay... so i got x= .25 and i times that by 1000...

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0so whats the correct answer?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0So if x = .25, price = (3011/4).25=6.68 for 250 units. 6.68/250=668 cents/250= 3 cents per unit. Try that. How many chances do you get?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0I 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
 3 years ago
Best ResponseYou've already chosen the best response.0i understand that part.

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Well that is not what you posted earlier.

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0i plugged in 250 into c(x)

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0whats the answer then?

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0isn't it .252525 *1000 = x= 252.525

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0I 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.

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0I guess I can't help you then. Sorry.
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