27. Suppose that the total revenue function for a prod-uct is R(x) = 50x and that the total cost function isC(x) = 1900 + 30x + 0.01x².(a) Find the profit from the production and sale of 500units.(b) Find the marginal profit function.(c) Find MP at x = 500 and explain what it predicts.(d) Find P(501) – P(500) and explain what this valuerepresents.TCLf(x) =23322C- 3x + 2C

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Answered: 27. Suppose that the total revenue…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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27. Suppose that the total revenue function for a prod- uct is R(x) = 50x and that the total cost function is C(x) 1900 + 30x + 0.01x². (a) Find the profit from the production and sale of 500 units. (b) Find the marginal profit function. (c) Find MP at x = 500 and explain what it predicts.