(1 point) This is similar to a problem in the textbook. A manufacturer of mountain bikes has the following marginal cost function: C'(q) 500 0.7q+7 where is the quantity of bicycles produced. When calculating the marginal revenue and marginal profit in this problem, use the approach given for the marginal cost and marginal revenue in the discussions in your textbook. a) If the fixed cost in producing the bicycles is $3300, find the total cost to produce 25 bicycles. Answer: $ b) If the bikes are sold for $250 each, what is the profit (or loss) on the first 25 bikes? Answer: $ c) What is the marginal profit on bike number 26? Answer: $ (1 point) This is similar to a problem in the textbook. q 0 75 150 225 300 375 450 C'(9) 23 25 28 30 32 28 24 The table shows the marginal cost of producing q units of goods. a) If the fixed cost is $8000, use the average of left- and right-hand sums to determine the total cost of producing 150 units. Answer: $ b) How much would the total cost increase if production were increased one unit, to 151 units? Answer: $ (1 point) This is similar to a problem in the textbook. A manufacturer of mountain bikes has the following marginal cost function: C'(q) 500 0.7q+7 where is the quantity of bicycles produced. When calculating the marginal revenue and marginal profit in this problem, use the approach given for the marginal cost and marginal revenue in the discussions in your textbook. a) If the fixed cost in producing the bicycles is $3300, find the total cost to produce 25 bicycles. Answer: $ b) If the bikes are sold for $250 each, what is the profit (or loss) on the first 25 bikes? Answer: $ c) What is the marginal profit on bike number 26? Answer: $ (1 point) This is similar to a problem in the textbook. q 0 75 150 225 300 375 450 C'(9) 23 25 28 30 32 28 24 The table shows the marginal cost of producing q units of goods. a) If the fixed cost is $8000, use the average of left- and right-hand sums to determine the total cost of producing 150 units. Answer: $ b) How much would the total cost increase if production were increased one unit, to 151 units? Answer: $
