Suppose a company's revenue function is given byq³+370q² and its cost function is given2R(q)by C(q) = 380 + 12q, where q is hundreds of unitssold/produced, while R(q) and C(q) are in totaldollars of revenue and cost, respectively.=A) Find a simplified expression for the marginal profitfunction. (Be sure to use the proper variable in youranswer.)MP(q) ==B) How many items (in hundreds) need to be sold tomaximize profits?Answer:hundredunits must be sold. (Round to two decimal places.)

Marginal cost is the additional cost incurred by a producer when he produces an additional unit of a…

a company's revenue function is given by - q³+370q² and its cost function is given 380 + 12q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. Suppose R(q) by C(q) = = A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.)

a company's revenue function is given by - q³+370q² and its cost function is given 380 + 12q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. Suppose R(q) by C(q) = = A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Consider the following cost function: 3 C=0.2q³-6q² + 80q + 150. (Enter a numeric response using a real number rounded to two decimal places.) When output is 19 units, average cost is $ When output is 19 units, marginal cost is $ The output level where average variable cost equals marginal cost is units.
The marginal revenue (in thousands of dollars) from the sale of x handheld gaming devices is given by the following function. R'(x) = 4x (x²+25,000) (a) Find the total revenue function if the revenue from 120 devices is $34,166. (b) How many devices must be sold for a revenue of at least $50,000? (a) The total revenue function is R(x), given that the revenue from 120 devices is $34,166. (Round to the nearest integer as needed.) (b) devices must be sold to generate a revenue of at least $50,000 (Type a whole number.)
What is the maximum profit when the the profit-versus-production function is given below? P is profit and x is unit of production P = 200,000 – 1x- (1.1/(X+1)) to the 8th power?
Consider the following total revenue function for a hammer. R 44x 0.01x2 (a) The sale of how many hammers, x, will maximize the total revenue in dollars? x = 2200 hammers Find the maximum revenue. $48400 (b) Find the maximum revenue if production is limited to at most 1200 hammers. $ If the total revenue function for a computer is R(x) = 1000x - 35x2-x³, find the level of sales, x, that maximizes revenue and find the maximum revenue in dollars. x = R(x) = $ computers If the total cost function for producing x lamps is C(x) = 3240 + 37x+ 0.9x2 dollars, producing how many units, x, will result in a minimum average cost per unit? units Find the minimum average cost per unit. $ If the total cost function for a product is C(x) = 10+ 0.1x2 dollars, producing how many units, x, will result in a minimum average cost per unit? x= units Find the minimum average cost per unit. $ Find the derivative of the function. f(x) = ex-xe
Find the average cost function if cost and revenue are given by C(x) = 170 + 3.6x and R(x) = 5x - 0.01x. The average cost function is C(x) =.
A farm produces rice, which is sold in 50 kilogram bags. Let Q denote the number of bagsproduced per week during harvest time. Costs C are denoted in units of dollars. The totalweekly cost function for producing the product is C = 4Q + 100. The total weekly income function for this product is I = 50Q – 2Q2. What is the profit function P as a function of Q and sketch it using P values 0, 5, 10,15, 20 and 25.
could you please answer with pen and paper?
Consider the following multiple output cost function: C(Q1, Q₂) = 100+ 0.5Q₁Q2 + (Q₁)² + (Q₂)² Suppose Q₁ = Q₂ = 10 units. What is 100 in the above equation? a b FC C VC a Are there economies of scope when Q₁ Q₂ = 10 units? = AFC с Yes b No There are cost complementaries.
A firm has the following information on production and costs from past data: Output (Y) 0 12 18 6 Total Cost (TC) 9 2775 5361 8199 If the total cost function is known to be TC = aY' + bY ² + kY + ƒ , and the demand for the product of the firm is Y = 320-(1/2). P answer the following: • Determine the coefficients of the cubic cost function. • Derive all cost and revenue curves and the profit function. Show that the MC cuts the AVC when AVC is at its minimum point. Plot the relevant graph indicating all points. Calculate the break even and profit maximizing levels of output and price. • What is the relationship between price, marginal revenue and own price elasticity of demand at the profit maximization point.