Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose a company's revenue function is given by R[q) = q3 + 270q2 and its cost function is given by C(q) = 540 | 14g,

image text in transcribed
image text in transcribed
Suppose a company's revenue function is given by R[q) = q3 + 270q2 and its cost function is given by C(q) = 540 | 14g, where q is hundreds of units soldfproduced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. A]: Find a simplified expression for the Mginal profit function. {Be sure to use the proper variable in your answer.) MPW) = i ' B) How many items (in hundreds) need to be sold to maximize profits? Answer: hundred units must be sold. (Round to two decimal places.)

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

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

Students also viewed these Mathematics questions

Question

Calculate percentage change of different accounts from year to year

Answered: 1 week ago