An economist hired by a company that makes a popular line of indoor grills predicts that consumers in one market will buy
Final Answer: The maximum profit is achieved when 140.625 units are sold at a price of $45.125 per unit. So,
Step 1 :Given the profit function
Step 2 :To find the maximum profit, we need to find the derivative of the profit function and set it equal to zero. This will give us the value of x (number of units) at which the profit is maximized.
Step 3 :The derivative of the profit function is
Step 4 :Substituting this value of x into the price function, we find that the price at which maximum profit is achieved is
Step 5 :Final Answer: The maximum profit is achieved when 140.625 units are sold at a price of $45.125 per unit. So,