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7. Solve the following a. You are given the price p(q) at which q units of a particular commodity can be sold and the total

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7. Solve the following a. You are given the price p(q) at which q units of a particular commodity can be sold and the total cost C(q) of producing the q units, where p(q) = 37 - 2q; C(q) = 3q2 +59 + 75 Determine the marginal profit from the sale of the 4th unit, and the actual profit from the sale of the 4th unit. How would you interpret your results? b. The price p (dollars per unit) of a particular commodity is increasing at the 20x rate of p(x) when x hundred units of the commodity are supplied (7-*) to the market. The manufacturer supplies 200 units (x = 2) when the price is $2 per unit. Find the supply function p(x) c. A manufacturer has found that marginal cost is 3q2 - 60q + 400 dollars per unit when q units have been produced. The total cost of producing the first 2 units in 900 dollars. 1) What is the total cost of producing the first 5 units? What is the actual cost of producing the 5th unit

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