Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose a company's revenue function is given by R(q) = - q + 250q and its cost function is given by C(q) = 320 +

image text in transcribed
Suppose a company's revenue function is given by R(q) = - q + 250q and its cost function is given by C(q) = 320 + 18q, 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: Video 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

Abstract Algebra

Authors: John A Beachy, William D Blair

3rd Edition

1478615915, 9781478615910

More Books

Students also viewed these Mathematics questions

Question

What tool can be used to build = FDS codes in Excel?

Answered: 1 week ago