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Hello! Please answer #18 ONLY! Thanks! :)) MAXIMUM PROFIT AND MINIMUM AVERAGE COST In Exercises 17 through 22, you are given the price p(q) at
Hello! Please answer #18 ONLY! Thanks! :))
MAXIMUM PROFIT AND MINIMUM AVERAGE COST In Exercises 17 through 22, 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. In each case: (a) Find the revenue function R(q), the profit fic- tion P(q), the marginal revenue R'(q), and mar- ginal cost C'(q). Sketch the graphs of P(q), R' (q), and C'(q) on the same coordinate axes and determine the level of production q where P(q) is maximized.(b) Find the average cost A(q) = C(q)/q and sketch the graphs of A(q), and the marginal cost C'(q) on the same axes. Determine the level of pro- duction q at which A(q) is minimized. 1 17. p(q) = 49 - q: C(q) 2 + 4q + 200 18. p(q) = 37 - 2q; C(q) = 3q' + 5q + 75 19. p(q) = 180 - 2q: C(q) = q' + 5q + 162 20. p(q) = 710 - 1.1q'; C(q) = 2q - 23q' + 90.7q + 151Step by Step Solution
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