This question has several parts that must be completed sequentially. If you skop a part of the question, you will not Tu

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This Question Has Several Parts That Must Be Completed Sequentially If You Skop A Part Of The Question You Will Not Tu 1 (22.01 KiB) Viewed 34 times

This question has several parts that must be completed sequentially. If you skop a part of the question, you will not Tutorial Exercise A commodity has a demand function modeled by p-111-0.5x and a total cost function modeled by C 40x+ 34.75, where x is the number of units. (a) What unit price yields a maximum profit? (b) When the profit is maximized, what is the average cost per unit? Step 1 (a) What price yields a maximum profit? Recall that profit is given by the function P(x) xp-C, where p is a demand function, C is a total cost function, and x is the total number of units sold. We are given the demand function p-111-0.5x and the total cost function C 40x 34.75. Thus, we can state the profit function we need to maximize below. P= x(111-0.5x)- x+34,75) -0.5²(C (-34.75