Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 15 A firm knows that its marginal cost for a product is MC = 3x + 20, that its marginal revenue is MR =

image text in transcribed
QUESTION 15 A firm knows that its marginal cost for a product is MC = 3x + 20, that its marginal revenue is MR = 44 - 5X, and that the cost production of 80 units is $11,400. Choose all that applies. A. At the optimal level of production, the profit is a loss of $164. B. The optimal production level can be found by equating marginal cost and marginal revenue, namely by solving the equation 3x + 20 - 44 - 5x O C. The profit function is given by P(x) = 24x - 4x

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

Finite Mathematics

Authors: Stefan Waner, Steven Costenoble

7th Edition

133751554X, 9781337515542

More Books

Students also viewed these Mathematics questions

Question

Find the 15th term of the arithmetic sequence 2, 5, 8, c.

Answered: 1 week ago

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago