Question
A one-product company finds that its profit, P, in millions of dollars, is given by the following equation where a is the amount spent on advertising, in millions of dollars, and p is the price charged per item of the product, in dollars.
P(a,p)=2ap+240p-25p^2-1/10a^2p-90
Find the maximum value of P and the values of a and p at which it is attained.
The maximum value of P is attained when a is $ million and p is $
The maximum value of P is $
million.
P(a,p)=2ap+240p-25p^2-1/10a^2p-90
Find the maximum value of P and the values of a and p at which it is attained.
The maximum value of P is attained when a is $ million and p is $
The maximum value of P is $
million.
Answers
Set the partial derivatives to zero for extrema. Both must be zero.
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