The daily production cost (in lakh ₹) of manufacturing an electric device is 𝑝(𝑥)=7400−60𝑥+15𝑥2p(x)=7400−60x+15x 2 , where 𝑥x is the number of electric devices produced per day and the daily transportation cost (in lakh ₹) of 𝑥x number of electric devices is given by the slope of the function 𝑝(𝑥)p(x) at point 𝑥x.How many electric devices should be produced per day to yield minimum production cost?
Question
The daily production cost (in lakh ₹) of manufacturing an electric device is 𝑝(𝑥)=7400−60𝑥+15𝑥2p(x)=7400−60x+15x 2 , where 𝑥x is the number of electric devices produced per day and the daily transportation cost (in lakh ₹) of 𝑥x number of electric devices is given by the slope of the function 𝑝(𝑥)p(x) at point 𝑥x.How many electric devices should be produced per day to yield minimum production cost?
Solution
To find the number of electric devices that should be produced per day to yield minimum production cost, we need to find the minimum point of the function p(x) = 7400 - 60x + 15x^2.
The minimum point of a function occurs where its derivative is equal to zero. So, we first need to find the derivative of the function p(x).
The derivative of p(x) is p'(x) = -60 + 30x.
Setting this equal to zero gives us:
-60 + 30x = 0 30x = 60 x = 60/30 x = 2
So, to yield minimum production cost, 2 electric devices should be produced per day.
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