Need calculus to complete this question about monopoly (show all work.)

Calculus
Tutor: None Selected Time limit: 1 Day

Nov 20th, 2015

Thank you for the opportunity to help you with your question!

Let the number of sheets be "r"

Cost of the sheet =r*$1=r,as $1 is required to make 1 sheet

From the equation,r=x^2

Therefore,C(x)=x^2---part(1)

Now the price demand equation,px=30

p(X)=30/x

Revenue =x*p(x)=30

Profit =P(x)-C(x) =>30-x^2

As x cannot be 0 therefore for the maximum profit he should produce 1 hat,

Maximum profit =30-1 =$29(ans)

I hope this would help you,but if you have any doubt regarding this,you can surely ask. :)
Nov 20th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Nov 20th, 2015
...
Nov 20th, 2015
Dec 6th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer