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Find the quantity that maximizes the total profit

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Reference no: EM131588810

Project: The demand function for product is p=-2q+200 and the total cost per unit for producing q units is c=3q^2+5q+250 , where p= price, and q= quantity demand.

Questions: Use of MATHEMATICA (or of any other software) is recommended. Choose any of the projects and answer the question for your selected project at the end of this document.

1) Develop a 2D plotfor demand versus the price.

2) Develop a 2D plot for average cost versus the quantity.

3) Compute the demand elasticity when price equal to 1.

4) Compute the marginal cost when the quantity is equal 1.

5) Develop theprofit function.

6) Find the quantity that maximizes the total profit.

7) What is the price that maximizestheprofit?

8) What is the maximum profit?

Reference no: EM131588810

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