Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 15, 2024

A firm knows that its marginal cost for a product is MC = 3 x + 20, that its marginal revenue is MR = 68

A firm knows that its marginal cost for a product is

MC = 3x + 20,

that its marginal revenue is

MR = 68 5x,

and that the cost of production of 80 units is $11,380.

(a) Find the optimal level of production.

(b)Find the profit function.

(b) Find the profit function. There is loss/profit of ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied Regression Analysis

Authors: Norman R Draper, Harry Smith

3rd Edition

1118625625, 9781118625620

More Books

Students also viewed these Mathematics questions

Question

★★★★★

The following selected information is taken from the financial statements of Riflen Company for its most recent year of operations: Beginning balances: Inventory ................. $200,000 Accounts...

Answered: 1 week ago

Question

★★★★★

Define the Stanton and Peclet numbers and their relationships to other dimensionless groups for convection mass transfer.

Answered: 1 week ago

Question

★★★★★

=+22. Graphite production, 10 lanes. The same graphite manufacturer from Exercise 21 uses an alternative process to make rolls. For this process the data are separated into 10 lanesa sample consists...

Answered: 1 week ago

Question

★★★★★

The following table shows the total points scored in the 16 National Football League games played during Week 1 of the 2012 season. a. Calculate the mean for this population. b. Calculate the...

Answered: 1 week ago

Question

★★★★★

In the sales comparison approach a . 3 comparables are used to determine the value rate of real estate b . 5 comparables are used to determine the value of a specific segment of real estate in...

Answered: 1 week ago

Question

★★★★★

How is critical thinking used in different jobs? For the Group Project, you will choose one job (doctor, court judge, accountant, teacher, journalist, etc.) and research how critical thinking is used...

Answered: 1 week ago

Question

★★★★★

Question One (a) Sulin is an accountant at a large accounting firm. In May, she went to Hong Kong for an accounting conference. She incurred expenses of $2,000 on the plane ticket and$500 on hotel...

Answered: 1 week ago

Question

★★★★★

A person financed a motorcycle for $11,800 over 4 years with monthly payments of $295 at 5% add on interest. a) Determine the Finance Charge per $100. Round to the nearest cent. b) Determine the APR...

Answered: 1 week ago

Question

★★★★★

According to the article Practical Strategies for Death Notification in the Emergency Department, step 2, initiating contact discussed which of the following as best practices: Question 9 options:...

Answered: 1 week ago

Question

★★★★★

a random sample of 780 births in new york state included 385 boys and that sample is to be used for a test of the common belief of male births in the population is equal to 0.512. in testing the...

Answered: 1 week ago

Question

★★★★★

BEMC received several improper payments innocently. It was not their intention to trick the payer into these payments. In this situation, it is the most innocent of reasons for improper payments...

Answered: 1 week ago

Question

★★★★★

1. To acquaint the new items with universe of shoppers is the principle objective of (A) Entertainment (B) Advertising (C) Online promoting (D) None of these 2.Advertising makes work as it builds the...

Answered: 1 week ago

Question

★★★★★

2. It is the results achieved that are important.

Answered: 1 week ago

Question

★★★★★

3. What is the difference between perception and assessment of a particular everyday situation? Give at least three examples.

Answered: 1 week ago

Question

★★★★★

7. One or other combination of 16.

Answered: 1 week ago

Previous Question Next Question