Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
1. Your factory produces lemon-scented candles. You know that the cost of producing each unit is lower the more candles you produce, but you also know that costs will eventually go up if you make too many candles, due to the costs of storage of the overstock. The guy in accounting says that your cost for producing x thousands of units a day can be approximated by the formula C(x)=0.04x² -8.504x+25302. However, you also know that depending on the amount that you produce, the amount that people buy also varies. The accountant tells you that your revenue can be approximated by the equation R(x) = -0.25x² +1.205x+45872. Find the production level that will maximize your profits. Text a) Determine the quadratic equation for the profit P(x) = R(x) = C(x) Text

1. Your factory produces lemon-scented candles. You know that the cost of producing each unit is lower the more candles you produce, but you also know that costs will eventually go up if you make too many candles, due to the costs of storage of the overstock. The guy in accounting says that your cost for producing x thousands of units a day can be approximated by the formula C(x)=0.04x² -8.504x+25302. However, you also know that depending on the amount that you produce, the amount that people buy also varies. The accountant tells you that your revenue can be approximated by the equation R(x) = -0.25x² +1.205x+45872. Find the production level that will maximize your profits. Text a) Determine the quadratic equation for the profit P(x) = R(x) = C(x) Text

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 15T
See similar textbooks
icon
Related questions
Question
1. Your factory produces lemon-scented candles. You know that the cost of producing each unit is lower the more candles you produce, but you also know that costs will eventually go up if you make too many candles, due to the costs of storage of the overstock. The guy in accounting says that your cost for producing x thousands of units a day can be approximated by the formula C(x)=0.04x² -8.504x+25302. However, you also know that depending on the amount that you produce, the amount that people buy also varies. The accountant tells you that your revenue can be approximated by the equation R(x) = -0.25x² +1.205x+45872. Find the production level that will maximize your profits. Text a) Determine the quadratic equation for the profit P(x) = R(x) − C(x) Text
Transcribed Image Text:1. Your factory produces lemon-scented candles. You know that the cost of producing each unit is lower the more candles you produce, but you also know that costs will eventually go up if you make too many candles, due to the costs of storage of the overstock. The guy in accounting says that your cost for producing x thousands of units a day can be approximated by the formula C(x)=0.04x² -8.504x+25302. However, you also know that depending on the amount that you produce, the amount that people buy also varies. The accountant tells you that your revenue can be approximated by the equation R(x) = -0.25x² +1.205x+45872. Find the production level that will maximize your profits. Text a) Determine the quadratic equation for the profit P(x) = R(x) − C(x) Text
b) Determine the production level needed (rounded to the nearest whole number) to earn the maximum profit value. Text
Transcribed Image Text:b) Determine the production level needed (rounded to the nearest whole number) to earn the maximum profit value. Text
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 11 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS