A product can be produced at a total cost C(x) = 800 + 100x^2 + x^3 dollars, where x is the number produced. If the total revenue is given by R(x) = 60,000x - 50x^2 dollars, determine the level of production, x, that will maximize the profit. Find the maximum profit.
A hint was given: P(x) = R(x) - C(x), but I still do not understand how to work the problem.© BrainMass Inc. brainmass.com March 21, 2019, 8:25 pm ad1c9bdddf
using the hint, profit = revenue - cost,
profit = 60,000x - 50x^2 - 800 - ...
This solution goes through the concept of total cost as well as maximum profit.