p28 (45)
Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = -0.05x + 38 . The cost of producing x hundred units is C(x) = 0.02x2 + 3x + 574.77 hundred dollars.
c. Use the profit curve found in part(a) to determine the level of production x that results in maximum profit. What unit price p corresponds to maximum profit?
Part(a): Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit fuction.
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