If the total revenue and total cost function is given by and . Find the level of output that will maximize profit
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UoH 2020 Question 41: Single-variable optimisation
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If the total revenue and total cost function is given by R(q) = 10q - 0.01q² and C(q) = 100 + 5q. Find the level of output that will maximize profit (A) q = 500 (B) q = 525 (C) q = 1000 (D) q = 250
Also written as: If the total revenue and total cost function is given by R(q) = 10q - 0.01q^2 and C(q) = 100 + 5q. Find the level of output that will maximize profit
Single-variable optimisation has come up 37 times in 6 exams since 2010.
What this question tests
This question is on Applied optimisation, part of Single-variable optimisation in Mathematics.
Maximising profit, revenue or area and minimising cost or time in applied settings.
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