Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose a company's revenue function is given byR(q)=q^3+230q and its cost function is given byC(q)=330+17q C(q)=330+17q , whereq is hundreds of units sold/produced, whileR (q)andC(q)are
Suppose a company's revenue function is given byR(q)=q^3+230q and its cost function is given byC(q)=330+17q
C(q)=330+17q
, whereq is hundreds of units sold/produced, whileR (q)andC(q)are in total dollars of revenue and cost, respectively.
A) Find a simplified expression for themarginal profitfunction. (Be sure to use the proper variable in your answer.)
MP(q)=MP(q)=
B) How many items (in hundreds) need to be sold to maximize profits? (Round your answer to two decimal places.)
Answer:________________________________hundred units must be sold.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started