Maximizing Revenue
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The revenue derived from the production of x units of a particular commodity is million dollars. What level of production results in maximum revenue? What is the maximum revenue?
a. a. Maximum at x = 8 and maximum revenue is R(8) = 32 (million dollars)
b. b. Maximum at x = 8 and maximum revenue is R(8) = 2.67 (thousand dollars)
c. c. Maximum at x = 8 and maximum revenue is R(8) = 4 (million dollars)
d. d. Maximum at x = 9 and maximum revenue is R(9) = 2.67 (million dollars)
Please help with the following problem.
Determine the critical points of the given function and classify each critical point as a relative maximum, a relative minimum, or neither.
a. a. (4.5, -32) relative maximum; x = 5 neither; x = 4 neither,
b. b. (4.5, -32) relative minimum; (5, 8) relative maximum; (4, 8) relative maximum;
c. c. (5, 8) relative maximum; (4, 8) relative maximum
d. d. (5, 8) relative minimum; (4, 8) relative maximum
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Solution Summary
Derivatives are used to find maximum revenue.
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