In Exercise, the price-demand p is given; along with the fixed costs and variable costs.
(a) Determine the profit function P(x) = R(x) − C(x).
(b) Determine the coordinates of the vertex of the profit function P. Then interpret each coordinate of the vertex.
p(x) = 37.80 − x
Variable costs are $29 per unit
Fixed costs are $10.15
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