A firm sells each unit of a product for $250. The cost function which describes the total cost C as a function of the number of units produced and sold x is
C(x) = 50x + 0.1x2 +150
a) Formulate the profit function P(x). [03]
b) How many units should be produced and sold in order to maximize the total
profit? [05]
c) What is total revenue at this level of output? [02]
d) What is total cost at the level of output? [02]
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