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Math Help - profit maximization

  1. #1
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    profit maximization

    hello,

    need help with this one, need it around 5hrs from now

    Q: how much is the optimum quantity that yields the maximum profit? show your solution

    Selling Price = 60
    Total cost TC = 128+69Q-14Q^2+Q^3
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  2. #2
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by archistrategos214 View Post
    hello,

    need help with this one, need it around 5hrs from now

    Q: how much is the optimum quantity that yields the maximum profit? show your solution

    Selling Price = 60
    Total cost TC = 128+69Q-14Q^2+Q^3
    i think there's some stuff missing from the question, the wording seems weird to me...

    anyway, i guess the way to go is to minimize the cost. so we want to minimize the function: 128 + 69Q - 14Q^2 + Q^3

    so we find the critical points of the function and pick the one that is the local minimum. that will give you the Q for minimum cost, which will make our profit larger...
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