Assume that the cost equation of producing x units of product is given by the equation c(x) = 3000 - 20x + .03x^2 and that the demand equation for the product is given by the equation p = 50-x/100.

Find profit equation for the above product and use it to compute the profit and the marginal profit for a production level of 500 units.

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Profit equation: P ( x ) = − 0 . 0 4 x 2 + 7 0 x... View the full answer

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Profit: 22,000... View the full answer