I'm having trouble setting this problem up, I know that I need to use derivatives but I'm not sure how to setup the initial calculus equation.
A simple item that is to be sold at a small specialty store has $100 in fixed costs and $4 per item in variable costs. The owners assume they can sell 9 items if they charge $55 each, and 5 items at a price of $83 each. For how many units sold/produced is the marginal profit 30 dollars per item?
TIA for the help.
A simple item that is to be sold at a small specialty store has $100 in fixed costs and $4 per item in variable costs. The owners assume they can sell 9 items if they charge $55 each, and 5 items at a price of $83 each. For how many units sold/produced is the marginal profit 30 dollars per item?
TIA for the help.
