Question

can someone help me where I'm going wrong? :(

(1 pt)
A producer finds that demand for his commodity obeys a linear demand equation , p+11x=30 where P is in dollars and X in thousands of units. If the cost equation is c(x)=8.8x^2+20x+2.5 , what price should be charged to maximize the profit?

The price to maximize the profit is $ .

Answer 1

i found the price: p=(30-11x)*x

Answer 2

30x-11x^2- (8.8x^2+20x+2.5)

Answer 3

= 10x-19.8x^2-2.5

Answer 4

the i find the derivative: dp/dx and set it to zero.... i got x= .252525

Answer 5

then i tried to plug into c(x) but it's wrong :((

Answer 6

i got 8.05

Answer 7

Isn't profit= revenue - cost?

Answer 8

yeah

Answer 9

I got 6.87 for the price

Answer 10

how? it says its not correct..

Answer 11

price = (30-11x)x

Answer 12

right.

Answer 13

So if x = .25, price = (30-11/4).25=6.68

Answer 14

All depends on how many significant digits you carry for x

Answer 15

i tried that one too

Answer 16

its wrong.

Answer 17

cost per unit is c(x)/x

Answer 18

ok

Answer 19

If you want price per unit shouldn't you divide the price by 1000 since x is 1000 units?

Answer 20

howd you get that

Answer 21

and X in thousands of units.
I read the problem you posted.

Answer 22

yeah can you tell me where i went wrong?

Answer 23

Well, I am not sure but I would try dividing the answers we got by 1000 and see if that is the price per unit.

Answer 24

whered you get 1000 from?

Answer 25

What does x represent?

Answer 26

the price

Answer 27

Read the problem. What does x represent.

Answer 28

thousands in units.

Answer 29

So when you got x = .25 that meant .25 thousands of units of 250 units.
So when you got 6.87 for the price of x units that was for 1000 units. So each unit should be sold for 7 cents

Answer 30

okay... so i got x= .25 and i times that by 1000...

Answer 31

so whats the correct answer?

Answer 32

im getting it wrong.

Answer 33

So if x = .25, price = (30-11/4).25=6.68 for 250 units.
6.68/250=668 cents/250= 3 cents per unit. Try that. How many chances do you get?

Answer 34

huh?

Answer 35

I think the part you can't get a handle on is that x is in thousands of units. So if x is 1 that is 1000 units. If x = 2, that is 2000 units. If x = .25 that is 250 units.

Answer 36

right.

Answer 37

i understand that part.

Answer 38

What did you get for x?

Answer 39

555003.

Answer 40

Well that is not what you posted earlier.

Answer 41

i plugged in 250 into c(x)

Answer 42

i dont know.

Answer 43

whats the answer then?

Answer 44

isn't it .252525 *1000 = x= 252.525

Answer 45

I don't know for sure. I wanted you to try 3 cents and I asked you how many chances you get at entering the correct answer and you didn't answer me.

Answer 46

as many times.

Answer 47

Did you try 3 cents?

Answer 48

yeah its wrong.

Answer 49

I guess I can't help you then. Sorry.