Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help solving these problems. Suppose a product's revenue function is given by R{q) = 7q2 + 2001;, where R(q) is in dollars and

image text in transcribedimage text in transcribedimage text in transcribed

I need help solving these problems.

image text in transcribedimage text in transcribedimage text in transcribed
Suppose a product's revenue function is given by R{q) = 7q2 + 2001;, where R(q) is in dollars and q is the number of units sold. Use the marginal revenue function to find the approximate revenue generated by selling the 3 unit. Marginal revenue 2 l ' dollars per unit Submit Question Suppose a product's cost function is given by C(q) = 41;;2 + 1000q, Where C(q) is in dollars and q is the number of units produced. Use the marginal cost function to find the approximate cost of producing the 2 unit. Marginal cost = l ' dollars per unit Acme finds that its monthly revenue, in dollars, from the sale of x carry-on suitcases is 0.00633 0.42:2 + 1303:. Currently Acme is selling 24 carry-on suitcases monthly. a} What is the current monthly revenue? dollars per month v V b) Howr much would revenue increase if sales increased from 24 to 26 suitcases? dollars per month v V c) What is the marginal revenue when 24 suitcases are sold? dollars per suitcase v V d) Estimate the revenue resulting from selling 25 suitcases per month. dollars per month v V Question Help: EVideo Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Measure And Integration A First Course

Authors: M Thamban Nair

1st Edition

1000739872, 9781000739879

More Books

Students also viewed these Mathematics questions