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Marginal-Profit Product A manufacturer determines that m employees will produce a total of q units of product daily, where 10m2 q = Vm2+20 The demand
Marginal-Profit Product A manufacturer determines that m employees will produce a total of q units of product daily, where 10m2 q = Vm2+20 The demand equation for the product is as follow where p is price and q is quantity 900 P= q+10 The total cost consists of a fixed cost of $ 4000 and a variable cost with learning effect; the variable cost of the first unit is $2 and the common ratio (cost learning ratio) is 0.95 Please answer the following: a) Find the revenue of selling q products (5%) b) Find the profit function at of selling q products; (hint: express It as afunction of 9) (5%) C) Find the marginal-profit product du/dm (15%) d) You are the human resource manager for the manufacturer, please find the maximum daily wage you are willing to pay to hire the 11th worker based on (c) (5%)
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