Question
An industrial production process costsC(q) million dollars to produceq million units; these units then sell forR(q) million dollars. IfC(2.1)=5.4,R(2.1)=6.6,MC(2.1)=0.5, andMR(2.1)=0.6, calculate the following (a) The
An industrial production process costsC(q) million dollars to produceq million units; these units then sell forR(q) million dollars.
IfC(2.1)=5.4,R(2.1)=6.6,MC(2.1)=0.5, andMR(2.1)=0.6, calculate the following
(a)The profit earned by producing2.1 million units.
The profit is_______ million dollars.
(b)The approximate change in revenue if production increases from2.1 to2.12 million units.
The change in revenue is about________thousand dollars.
(c)The approximate change in revenue if production decreases from2.1to2.03 million units.
The change in revenue is about_______ thousand dollars.
(d)The approximate change in profit in parts(b)and(c).
The change in profit in part(b)is about______ thousand dollars, and the change in profit in part(c)is about______ thousand dollars.
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