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Given the cost function of producing x items is C(x) = 15x + 1000 and the revenue function of selling these x items is R(x) = 30x², both in dollars, find: a) The profit function. b) The marginal cost, marginal revenue and marginal profit functions. c) Evaluate all the functions you found in part b) at x = 100 and interpret the answers.

Given the cost function of producing x items is C(x) = 15x + 1000 and the revenue function of selling these x items is R(x) = 30x², both in dollars, find: a) The profit function. b) The marginal cost, marginal revenue and marginal profit functions. c) Evaluate all the functions you found in part b) at x = 100 and interpret the answers.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Given the cost function of producing x items is C(x) = 15x + 1000 and the revenue function of selling these x items is R(x) = 30x², both in dollars, find: a) The profit function. b) The marginal cost, marginal revenue and marginal profit functions. c) Evaluate all the functions you found in part b) at x = 100 and interpret the answers.
Transcribed Image Text:Given the cost function of producing x items is C(x) = 15x + 1000 and the revenue function of selling these x items is R(x) = 30x², both in dollars, find: a) The profit function. b) The marginal cost, marginal revenue and marginal profit functions. c) Evaluate all the functions you found in part b) at x = 100 and interpret the answers.
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