Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all parts Suppose a company's revenue function is given by R(q) = -q + 300q and its cost function is given by C(q)

image text in transcribed

Please answer all parts

image text in transcribed
Suppose a company's revenue function is given by R(q) = -q + 300q and its cost function is given by C(q) = 500 + 11q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.) MP(q) = B) How many items (in hundreds) need to be sold to maximize profits? Answer: hundred units must be sold. (Round to two decimal places.) Question Help: D Post to forum 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

Step: 3

blur-text-image

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

Differential Equations On Fractals A Tutorial

Authors: Robert S Strichartz

1st Edition

0691186839, 9780691186832

More Books

Students also viewed these Mathematics questions

Question

What are the five components of internal control?

Answered: 1 week ago