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need help with the following as much as possible, also if anything missing please let me know . . . X 2.5 $ (thousands) C(q)
need help with the following as much as possible, also if anything missing please let me know
. . . X 2.5 $ (thousands) C(q) 2000 2. The function C(q) gives the cost in dollars to produce q barrels of olive oil. R(q) 1500 (a) What are the units of marginal cost? 1000 (b) What is the practical meaning of the statement MC = 3 for q = 100? 500 4. In Figure 2.62, is marginal cost greater at q = 5 or at q = 30? At q = 20 or at q = 40? Explain. 100 200 300 q (thousands) Figure 2.65 $ 500 C(q) 400 (a) q = 75 300 (b) q = 150 200 100 (c) q = 225 q (d) q = 300 10 20 30 40 50 Figure 2.62 B. Total cost is C = 8500 + 4.65q and total revenue is R = 5.15q, both in dollars, where q represents the quantity 18. Table 2.12 shows the cost, C(q), and revenue, R(q), in terms of quantity q. Estimate the marginal cost, C'(q), produced. and marginal revenue, R'(q), for q between 0 and 7. (a) What is the fixed cost? Table 2.12 (b) What is the marginal cost per item? 90 1 2 3 4 5 6 7 (c) What is the price at which this item is sold? C(q) 9 10 12 15 19 24 30 37 R(q) 0 5 10 15 20 25 30 35 (d) For what production levels does this company make a profit? (e) How much does the company make for each additional unit sold? 14. Figure 2.65 shows cost and revenue for producing q units. For the production levels in (a)-(d), is the company making or losing money? Should the company be increasing or decreasing production to increase profits End of documentStep by Step Solution
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