The cost function for a certain company is C=60x+300 and the revenue

parthe0o 2021-12-04 Answered
The cost function for a certain company is
C=60x+300
and the revenue is given by
R=100x0.5x2
Recall that profit is revenue minus cost. Set up a quadratic equation and find two values of x (production level) that will create a profit of $300.
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Expert Answer

Vaing1990
Answered 2021-12-05 Author has 16 answers
Step 1
P(x)=R(x)C(x)
Where P = Profit Function, C = cost function, R = revenue function
Step 2
R(x)C(x)=300
100x0.5x260x300=300
40x0.5x2600=0
40x510x2600=0
400x5x26000=0
5x2400x+6000=0
x280x+1200=0
x260x20x+1200=0
x(x60)20(x60)=0
(x60)(x20)=0
Rither, x60=0
x=60
or, x20=0
x=20
The two values of x with be 60, 20 that with create a profit of Rs 300
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