Description
The market demand for a certain product is units when the price charged to q consumers is p dollars, where 15p+2q=720. The cost(in dollars) of producing q units is given by c(q)= 200 +6q. What a maximum profit.
Explanation & Answer
c(q) = 200 + 6q
15p + 2q = 720 ............1
Let
200 + 6q = 0
q = - 200/6
Now put the value of q in 1 , we get
15p + 2(- 200/6) = 720
15p - 200/3 = 720
Now multiply by 3 on both sides, we get
15p - 200/3 = 720
3 * 15p - 200 = 3 * 720
45p - 200 = 2160
45p = 2160 - 200
45p = 1960
p = 1960/45
p = 43.55
Or
p = 44 dollars
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