
Maximizing Profit
Hey guys i am taking college calc now and i absolutely suck at math. Ive been trying so hard to keep up, but the more i understand the more we learn in class and the more behind i fall once more. Anyways this is a question from one of my homeworks which i have attempted numerous times, and cannot seem to find out how to solve this prob, any help or advice would be great.
So basically this is the problem
A producer finds that demand for his commodity obeys a linear demand equation http://www.baruch.cuny.edu/webwork2_...7c30c1df11.png, where http://www.baruch.cuny.edu/webwork2_...da050b4dd1.png is in dollars and http://www.baruch.cuny.edu/webwork2_...dd0b8b8e91.png in thousands of units. If the cost equation is http://www.baruch.cuny.edu/webwork2_...cefa4f80b1.png , what price should be charged to maximize the profit?
So i have rewrote the price equation to p=504x
So profit is revenue  cost, and i must find revenue first (px)
SO my revenue function is r=50x4x^2
Now i used my ti89 calculator to subtract the revenue function i found and the cost function given in the problem above and got 7.2x^2+10x2. So this is my profit equation.
Now i thought i had to differentiate this equation and set it to zero, long story short i calculated the derivative using my calculator and solved for zeros the same way, i got the xvalue .694444, apparently this is the wrong answer _.
Any help guys?