A firm can produce only 2900 units per month. The monthly total cost is given by C(x) = 400 + 200x dollars, where x is the number produced. If the total revenue is given by R(x) = 350x − 1/100 x2 dollars, how many items, x, should the firm produce for maximum profit? a. x =______ items b. Find the maximum profit

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.4P
icon
Related questions
Question

A firm can produce only 2900 units per month. The monthly total cost is given by

C(x) = 400 + 200x

dollars, where x is the number produced. If the total revenue is given by

R(x) = 350x − 1/100 x2

dollars, how many items, x, should the firm produce for maximum profit?
a. x =______ items

b. Find the maximum profit.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Profit Function
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage