revenue is price * quantity, so
R(q) = 551q
profit is revenue minus cost, so
P(q) = 551q - (q^3-60q^2+1200q+760)
You should probably graph P(q) to find the max. Take a look here:
http://www.wolframalpha.com/input/?i=551q+-+%28q^3-60q^2%2B1200q%2B760%29
If you have calculus as a tool, just find where dP/dq=0
using the cost function C(q) = q3−60q2+1200q+760 for 0 ≤ q ≤ 50 and a price per unit of $551.
Round your answers to the nearest whole number.
a) What production level maximizes profit?
q =
b) What is the total cost at this production level?
cost = $
c) What is the total revenue at this production level?
revenue = $
d) What is the total profit at this production level?
profit = $
1 answer