i have a question here that says
"The total cost of producing x units of a product is given by C(x)=x^3-60x^2+1400x+1000 for 0<=x<=50
The Product sells for $563 per unit, what production level maximizes profit?
Im not even sure you can get max profit from just a cost function. If i was also given a demand function, i know how to do this, but just a cost function? No idea whatsoever. Do i take deriv then plug in 50? then plug in 0 take the difference and thats my x? I have no idea where to begin.
"The total cost of producing x units of a product is given by C(x)=x^3-60x^2+1400x+1000 for 0<=x<=50
The Product sells for $563 per unit, what production level maximizes profit?
Im not even sure you can get max profit from just a cost function. If i was also given a demand function, i know how to do this, but just a cost function? No idea whatsoever. Do i take deriv then plug in 50? then plug in 0 take the difference and thats my x? I have no idea where to begin.