Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose you own a company that produces face-mask. The cost of makingLaTeX: x::xface-mask is found using LaTeX: Cleft(x ight)=0.25x^2+40x+1000::C ( x ) = 0.25 x
Suppose you own a company that produces face-mask. The cost of makingLaTeX: x\:\:xface-mask is found using LaTeX: C\left(x ight)=0.25x^2+40x+1000\:\:C ( x ) = 0.25 x 2 + 40 x + 1000dollars. Also suppose you charge your customers $80 per mask.
a) Find the marginal cost, marginal revenue and marginal profit functions.
b) Find the revenue, profit, marginal revenue, marginal profit, if you have made 20 face-masks this month.
c) For which value ofLaTeX: x\:xis the marginal profit zero? Interpret your answer.
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