SOLUTION: 3. The total cost function for producing a product is where X equals the number of units produced in thousands and C equals total cost in thousand of shillings.Each unit of the p
Question 1135986: 3. The total cost function for producing a product is where X equals the number of units produced in thousands and C equals total cost in thousand of shillings.Each unit of the product sells for ksh 30.
i) Formulate the total revenue function (1 mark)
ii) Determine the profit function (1 mark)
iii) Determine the level(s) of production required to break even (2 marks)
iv) Determine the level of output that would result in maximum profit (2 marks)
v) Determine the expected maximum profit
