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Please show detials of how to do it. Economists who study production of goods by a firm consider two functions. The revenue function R(z) is
Please show detials of how to do it.
Economists who study production of goods by a firm consider two functions. The revenue function R(z) is the revenue the firm receives when x number of units are sold. The cost function C(x) is the cost the firm incurs when producing x number of units. The derivatives of these functions R r) and C(x) are called by economists the marginal revenue and cost function. The figure shows graphs of the marginal revenue function R' and the marginal cost function C" for a manufacturer. Assume that R and C are measured in thousands of dollars. R'(x) 2 C(x) 50 100 (a) What does the shaded area in the figure representStep by Step Solution
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