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Math Help - Help with profit functions

  1. #1
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    Help with profit functions

    I have a quiz tomorrow and heres all the info that my professor has given me on the quiz.

    Fridays Quiz will consist of a problem similar to that done in class on Monday. 1. Set up a profit function, 2. Find the Breakeven points, 3. Find the quantity that leads to the maximum profit, 4. Find the maximum Profit., and 5. Find the price that leads to the maximum profit.

    How would I complete this problem?
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  2. #2
    MHF Contributor
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    Quote Originally Posted by aphan19 View Post
    I have a quiz tomorrow and heres all the info that my professor has given me on the quiz.

    Fridays Quiz will consist of a problem similar to that done in class on Monday. 1. Set up a profit function, 2. Find the Breakeven points, 3. Find the quantity that leads to the maximum profit, 4. Find the maximum Profit., and 5. Find the price that leads to the maximum profit.

    How would I complete this problem?
    Let us say I was in your class on that Monday.

    You were given a Cost function C(x), and a Revenue function R(x).

    1. Set up a profit function,
    P(x) = R(x) -C(x)

    2. Find the Breakeven points,
    At break-even, R(x) = C(x)

    3. Find the quantity that leads to the maximum profit,
    In the P(x), the x = -b/2a is what you are looking for.
    That is if P(x) is in the form
    P(x) = ax^2 +bx +c

    4. Find the maximum Profit.,
    Maximum profit is the value of P(x) when x = -b/2a

    and 5. Find the price that leads to the maximum profit.
    Umm, this is related to x = -b/2a

    If x is not the quantity or number of products o demand, then x must be the price.

    Now here is my problem. I fell asleep in your class that Monday when C(x) and R(x) were given. That's why I don't know what really is x suppopsed to be.
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