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mathcalculus

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 $ .

  • 5 months ago
  • 5 months ago

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  1. mathcalculus
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    i found the price: p=(30-11x)*x

    • 5 months ago
  2. mathcalculus
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    30x-11x^2- (8.8x^2+20x+2.5)

    • 5 months ago
  3. mathcalculus
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    = 10x-19.8x^2-2.5

    • 5 months ago
  4. mathcalculus
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    the i find the derivative: dp/dx and set it to zero.... i got x= .252525

    • 5 months ago
  5. mathcalculus
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    then i tried to plug into c(x) but it's wrong :((

    • 5 months ago
  6. mathcalculus
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    i got 8.05

    • 5 months ago
  7. mathcalculus
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    • 5 months ago
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  8. Mertsj
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    Isn't profit= revenue - cost?

    • 5 months ago
  9. mathcalculus
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    yeah

    • 5 months ago
  10. Mertsj
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    I got 6.87 for the price

    • 5 months ago
  11. mathcalculus
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    how? it says its not correct..

    • 5 months ago
  12. Mertsj
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    price = (30-11x)x

    • 5 months ago
  13. mathcalculus
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    right.

    • 5 months ago
  14. Mertsj
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    So if x = .25, price = (30-11/4).25=6.68

    • 5 months ago
  15. Mertsj
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    All depends on how many significant digits you carry for x

    • 5 months ago
  16. mathcalculus
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    i tried that one too

    • 5 months ago
  17. mathcalculus
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    its wrong.

    • 5 months ago
  18. Mertsj
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    cost per unit is c(x)/x

    • 5 months ago
  19. mathcalculus
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    ok

    • 5 months ago
  20. Mertsj
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    If you want price per unit shouldn't you divide the price by 1000 since x is 1000 units?

    • 5 months ago
  21. mathcalculus
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    howd you get that

    • 5 months ago
  22. Mertsj
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    and X in thousands of units. I read the problem you posted.

    • 5 months ago
  23. mathcalculus
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    yeah can you tell me where i went wrong?

    • 5 months ago
  24. Mertsj
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    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.

    • 5 months ago
  25. mathcalculus
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    whered you get 1000 from?

    • 5 months ago
  26. Mertsj
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    What does x represent?

    • 5 months ago
  27. mathcalculus
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    the price

    • 5 months ago
  28. Mertsj
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    Read the problem. What does x represent.

    • 5 months ago
  29. mathcalculus
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    thousands in units.

    • 5 months ago
  30. Mertsj
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    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

    • 5 months ago
  31. mathcalculus
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    okay... so i got x= .25 and i times that by 1000...

    • 5 months ago
  32. mathcalculus
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    so whats the correct answer?

    • 5 months ago
  33. mathcalculus
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    im getting it wrong.

    • 5 months ago
  34. Mertsj
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    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?

    • 5 months ago
  35. mathcalculus
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    huh?

    • 5 months ago
  36. Mertsj
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    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.

    • 5 months ago
  37. mathcalculus
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    right.

    • 5 months ago
  38. mathcalculus
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    i understand that part.

    • 5 months ago
  39. Mertsj
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    What did you get for x?

    • 5 months ago
  40. mathcalculus
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    555003.

    • 5 months ago
  41. Mertsj
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    Well that is not what you posted earlier.

    • 5 months ago
  42. mathcalculus
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    i plugged in 250 into c(x)

    • 5 months ago
  43. mathcalculus
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    i dont know.

    • 5 months ago
  44. mathcalculus
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    whats the answer then?

    • 5 months ago
  45. mathcalculus
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    isn't it .252525 *1000 = x= 252.525

    • 5 months ago
  46. Mertsj
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    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.

    • 5 months ago
  47. mathcalculus
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    as many times.

    • 5 months ago
  48. Mertsj
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    Did you try 3 cents?

    • 5 months ago
  49. mathcalculus
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    yeah its wrong.

    • 5 months ago
  50. Mertsj
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    I guess I can't help you then. Sorry.

    • 5 months ago
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