siness and Economics Revenue Suppose the demand function for q units of a certain item is 50 p = D(q) = 100 + q > 1, In q where p is in dollars. (a) Find the marginal revenue. (b) Approximate the revenue from one more unit when 8 units are sold. (c) How might a manager use the information from part (b)? 58. Profit If the cost function in dollars for q units of the item in Exercise 57 is C(q) = 100q + 100, find the following. (a) The marginal cost (b) The profit function P(g) (c) The approximate profit from one more unit when 8 units are sold (d) How might a manager use the information from part (c)? 59. Marginal Average Cost Suppose the cbst in dollars to make x oboe reeds is given by C(x) = 5 log, *+ 10. %3D Find the marginal average cost when the following numbers of reeds are sold. (a) 10 (b) 20
siness and Economics Revenue Suppose the demand function for q units of a certain item is 50 p = D(q) = 100 + q > 1, In q where p is in dollars. (a) Find the marginal revenue. (b) Approximate the revenue from one more unit when 8 units are sold. (c) How might a manager use the information from part (b)? 58. Profit If the cost function in dollars for q units of the item in Exercise 57 is C(q) = 100q + 100, find the following. (a) The marginal cost (b) The profit function P(g) (c) The approximate profit from one more unit when 8 units are sold (d) How might a manager use the information from part (c)? 59. Marginal Average Cost Suppose the cbst in dollars to make x oboe reeds is given by C(x) = 5 log, *+ 10. %3D Find the marginal average cost when the following numbers of reeds are sold. (a) 10 (b) 20
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Questions 58
Transcribed Image Text:alSource Booksh x derivative calculato
geid/307
PPLICATIONS
usiness and Economics
7. Revenue Suppose the demand function for q units of a certain
item is
100 +
q > 1,
b u
where p is in dollars.
(a) Find the marginal revenue.
(b) Approximate the revenue from one more unit when 8 units
are sold.
(c) How might a manager use the information from part (b)?
58. Profit If the cost function in dollars for q units of the item in
Exercise 57 is C(q)
100g + 100, find the following.
(a) The marginal cost
(b) The profit function P(q)
(c) The approximate profit from one more unit when 8 units
are sold
(d) How might a manager use the information from part (c)?
59. Marginal Average Cost Suppose the cost in dollars to make x
oboe reeds is given by
(*))
Find the marginal average cost when the following numbers of
=5 log, x + 10.
reeds are sold.
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