Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The marginal cost function of producing a toy is given by C'(q)= 1000-20q (where q is the quantity) a. If the fixed costs are $3000

The marginal cost function of producing a toy is given by C'(q)= 1000-20q (where q is the quantity)

a. If the fixed costs are $3000 what is the total cost to produce 10 items? 5 items?

b. If the fixed costs are $4000 and the toys are sold for $700 each, what is the breakeven point or the point where the total profit equals zero dollars

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

Numerical Analysis

Authors: Richard L. Burden, J. Douglas Faires

9th edition

538733519, 978-1133169338, 1133169333, 978-0538733519

More Books

Students also viewed these Mathematics questions