13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 = d q? Where q represents the quantity demanded for the product a) Find the Revenue function R(q) and the marginal revenue function R'(q) b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is 10 systems Suppose the cost of producing q sound systems is given by the equation C(q) = 0.4q² + 160q + 50 c) Find the profit function, P(q) and the marginal profit function P'(q) d) Find and interpret he marginal profit when the demand is 10 systems uct are given

13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 = d q? Where q represents the quantity demanded for the product a) Find the Revenue function R(q) and the marginal revenue function R'(q) b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is 10 systems Suppose the cost of producing q sound systems is given by the equation C(q) = 0.4q² + 160q + 50 c) Find the profit function, P(q) and the marginal profit function P'(q) d) Find and interpret he marginal profit when the demand is 10 systems uct are given

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13) Assume that the price, in dollars, of a sound system is given by
1000
+ 1000
q²
Where q represents the quantity demanded for the product
a) Find the Revenue function R(q) and the marginal revenue function R'(q)
b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is
10 systems
Suppose the cost of producing q sound systems is given by the equation C (q) = 0.4q² + 160q + 50
c) Find the profit function, P(q) and the marginal profit function P'(q)
d) Find and interpret he marginal profit when the demand is 10 systems
ar product are given
.

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