Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer example 5 and 6 thank you Example 5: Suppose the firm's profit function is P(q)=2q25q+6. a. Find the average rate of change of
please answer example 5 and 6 thank you
Example 5: Suppose the firm's profit function is P(q)=2q25q+6. a. Find the average rate of change of profit from 2 to 4 . b. Find the additional profit earned when the third unit is produced. c. Find the marginal profit at a quantity of 2 . d. Find the marginal profit at a quantity of 4 . Example 6: Suppose the revenue from producing q units is R(q)=10q0.002q2. a. Find the average change in revenue from 1,000 to 1,010. b. Find the additional revenue earned when 1,000 units are produced. c. Find the marginal revenue at a quantity of 1,000 . d. Find the revenue maximizing point Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started