Mathematical Applications for the Management, Life, and Social Sciences

12th Edition

ISBN: 9781337625340

Author: Ronald J. Harshbarger, James J. Reynolds

Publisher: Cengage Learning

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Textbook Question

Chapter 12.4, Problem 8E

In Problems 1-12, cost, revenue, and profit are in dollars and x is the number of units.

A certain firm’s marginal cost for a product is M C ¯ = 6 x + 60 , its marginal revenue is M R ¯ = 180 — 2 x , and its total cost of production of 10 items is $1000.

(a) Find the optimal level of production.

(b) Find the profit function.

(d) Should production be continued for the short run?

(e) Should production be continued for the long run?

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Chapter 12.4, Problem 7E

Chapter 12.4, Problem 9E

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Chapter 12 Solutions

Mathematical Applications for the Management, Life, and Social Sciences

Ch. 12.1 - 1. True or false: (a) (b) Ch. 12.1 - Prob. 2CP Ch. 12.1 - 1. If what is Ch. 12.1 - Prob. 2E Ch. 12.1 - Prob. 3E Ch. 12.1 - Prob. 4E Ch. 12.1 - Prob. 5E Ch. 12.1 - Evaluate the integrals in Problems 5-28. Check...Ch. 12.1 - Prob. 7E Ch. 12.1 - Evaluate the integrals in Problems 5-28. Check...

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Solution Summary: The author calculates the optimal level of production where a firm's marginal cost is 6x+60 and its marginal revenue is 180-2x.

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