So there is no way profit = price x quantity demanded because I have q=-60p+950 and Revenue or profit=-60p^2+950p. I then have to find out the profit made by selling things at 5.50, 10 , and 15 dollars. I was told to plug these numbers into -60p^2+950p to get the profit and determine which one gives you the most profit.
I plugged in the revenue I got from the p^2 function and subtracted a cost function I had but if I just do regular profit=revenue-cost I get two different numbers?
HELP
1 answer
I am not certain what you are doing. There is a silly term called gross profit, not including costs, but that is never money in the pocket...costs always have to be subtracted. Revenue is not profit. Revenue is money taken in.