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Suppose a company's revenue function is given by R(q)=q3+290q2 and its cost function is given by C(q)=550+15q, where q is hundreds of units sold/produced, while
Suppose a company's revenue function is given by R(q)=q3+290q2 and its cost function is given by C(q)=550+15q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollar 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.)
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