1) Suppose for a certain product, an analyst determines that the Marginal Profit function is P'(x) = 64 – 0.016x and identifies the fixed costs at $50000. a) Discuss and determine what specific piece of information we know based on the fixed cost value. b) Construct the specific form of the Profit function, P(x). c) Find the maximum profits the analyst projects can be earned on this product.

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A:

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Q: the correct formula for marginal profit is

A: Given  the correct formula for marginal profit is

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A: Answer: The solution is given below:

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A:

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A: Please see the below picture for detailed solution.

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A: We will use derivative to find marginal cost

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A: Average cost=0.002 q2-0.24 q+776

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A:

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A: