Suppose a product's revenue function is given by R(q) = − 3q² + 700g, where R(q) is in dollars and q is units sold. Also, it's cost function is given by C(q) = 47q + 20417, where C(q) is in dollars and q is units produced. Find a simplified expression for the item's Marginal Profit function ( MP(q)) and record your answer in the box. Be sure to use the correct variable. (Use the Preview button to check your syntax before submitting your final result). Answer: MP(q): -

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Suppose a product's **revenue function** is given by \( R(q) = -3q^2 + 700q \), where \( R(q) \) is in dollars and \( q \) is units sold. Also, its **cost function** is given by \( C(q) = 47q + 20417 \), where \( C(q) \) is in dollars and \( q \) is units produced. Find a simplified expression for the item's **Marginal Profit function** (\( MP(q) \)) and record your answer in the box. Be sure to use the correct variable. (Use the Preview button to check your syntax before submitting your final result).

Answer: \( MP(q) = \underline{\hspace{5cm}} \)
Transcribed Image Text:Suppose a product's **revenue function** is given by \( R(q) = -3q^2 + 700q \), where \( R(q) \) is in dollars and \( q \) is units sold. Also, its **cost function** is given by \( C(q) = 47q + 20417 \), where \( C(q) \) is in dollars and \( q \) is units produced. Find a simplified expression for the item's **Marginal Profit function** (\( MP(q) \)) and record your answer in the box. Be sure to use the correct variable. (Use the Preview button to check your syntax before submitting your final result). Answer: \( MP(q) = \underline{\hspace{5cm}} \)
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