(Solution Library) A firm can sell X units of a product at a price of P cents per unit, where P = 503 - X The total costs of production is given by the
Question:
A firm can sell X units of a product at a price of P cents per unit, where
P = 503 - X
The total costs of production is given by the function
T(X) = 500 + 2X
- Find the function that relates total revenue to the number of units sold - R(X).
- Find the function that relates total profit to the number of units sold - P(X).
- Find the number of units to be sold to achieve maximum profit and find the maximum profit.
- What price per unit would the firm be charging at the maximum profit output level?
Deliverable: Word Document 
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