2. A certain company produces a product with daily total cost C(q) = 6092 80!] + 30, where 0

2. A certain company produces a product with daily total cost C(q) = 60q2 80q + 30, where O < q 10 is measured in units of hundreds; C is expressed in unit of thousands of dollars. (a) What is the rate of change of the total cost when the level of production is 3 units? (b) Suppose the unit price p and the quantity demanded q of the product are related by p = 70q 140. Determine the revenue function R and the marginal revenue function. Consider the level of production is set at 2 units, what is the actual revenue from selling the third product? (c) Determine the profit function P and the marginal profit function. Compute P' P '(3) and P' (4). What can you deduce from your result?