For a certain company, the cost for producing items is 55x + 300 and the revenue for selling x items is 95x0.5x2. The profit that the company makes is how much it takes in (revenue) minus how much it spends (cost). In economic models, one typically assumes that a company wants to maximize its profit, or at least wants to make a profit! Part a: Set up an expression for the profit from producing and selling a items. We assume that the company sells all of the items that it produces. (Hint: it is a quadratic polynomial.) Part b: Find two values of a that will create a profit of $300. The field below accepts a list of numbers or formulas separated by semicolons (e.g. 2; 4; 6 or x + 1; x - 1). The order of the list does not matter. To enter √a, type sqrt(a). x= Part c: Is it possible for the company to make a profit of $15,000?
For a certain company, the cost for producing items is 55x + 300 and the revenue for selling x items is 95x0.5x2. The profit that the company makes is how much it takes in (revenue) minus how much it spends (cost). In economic models, one typically assumes that a company wants to maximize its profit, or at least wants to make a profit! Part a: Set up an expression for the profit from producing and selling a items. We assume that the company sells all of the items that it produces. (Hint: it is a quadratic polynomial.) Part b: Find two values of a that will create a profit of $300. The field below accepts a list of numbers or formulas separated by semicolons (e.g. 2; 4; 6 or x + 1; x - 1). The order of the list does not matter. To enter √a, type sqrt(a). x= Part c: Is it possible for the company to make a profit of $15,000?
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CR: Review Problem Set
Problem 50CR
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University