The world's only manufacturer of left-handed widgets has determined that if q left-handed widgets are manufactured and sold per year at price p, then the cost function is , and the manufacturer's revenue function is . The manufacturer also knows that the demand function for left-handed widgets is .
A. Write the profit function in terms of price p.
B. Sketch the profit function to determine what price yields the largest profit. What is that price?

Question

The world's only manufacturer of left-handed widgets has determined that if q left-handed widgets are manufactured and sold per year at price p, then the cost function is  , and the manufacturer's revenue function is  . The manufacturer also knows that the demand function for left-handed widgets is  .
A. Write the profit function  in terms of price p.
B. Sketch the profit function to determine what price yields the largest profit. What is that price?

Quizplus · Accepted Answer

The Answer of The world's only manufacturer of left-handed widgets has determined that if q left-handed widgets are manufactured and sold per year at price p, then the cost function is  , and the manufacturer's revenue function is  . The manufacturer also knows that the demand function for left-handed widgets is  .
A. Write the profit function  in terms of price p.
B. Sketch the profit function to determine what price yields the largest profit. What is that price?

The World's Only Manufacturer of Left-Handed Widgets Has Determined That