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3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 1200 + x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?

3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 1200 + x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please I need help finding out how to do this problem, i also provide the formula sheet i have to follow to figure it out
3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 = 1200 +x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?
Transcribed Image Text:3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 = 1200 +x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?
*TATTOO"CHEAT SHEET - USE OFTEN! youR THE BASICS derrv. PX) MP CO) MC RX) X - fcx)+y ly CAN BE +,Ø,-) Xf'cx)+SLOPE(SLOPE CAN BE +,Ø,- §Ø = MAX OR MIN OR H. P.I.}) integ %3D X *f"Cx) + CONCAVITY (CONCAVITY IS U,A,Ø {0iS POINT OF INFLECTION}) DERIVATIVES PRODUCTS AND QUOTIENTS y=x^ y'- nx^- you" u isA FUNCTION, %3D U AND V y=uv y'= u'v +uv n-1 y'=nu" (u') X IS VAR., ARE FUNCTIONS y= e" y'- u'e" e AND ny= u y'= u'v -uv' V CONSTANTS dautdin y=Lnu y's 4 LOGS AND EXPONENTS y=a" y'=a"u’ına ) WHERE u IS A FUNC, INTEGRALS yoa" g =a*x' ina fais const, + X +K , n#-1 X IS VARVABLE Fa*(1) Lna ntl +k, n+-1 in(e*) =x (SIMPLIFIED, NOT DERIVATIVE ) =X (SIMPUFIED, NOT DERIVATIVE) + e" +K In(MN)= Ln M+ unN in (A) - LnM -UnN Lin(MP) = y=lagax a =x 4- Ju'u"dx → inu tK n- STEPS WHERE M EN ARE FUNCTIONS. (CONVERSIONS NOT DERIVATIVES) Pn M WHICH INTEGRAL? 1) MAKE IT 2) FIND U; CREATE U' 3) WE HAVE 4) MAKE IT LOOK LIKE TEMPLATE 5) PERFORM INTEGRAL PRETTY: WE WANT. CHANGE OF BASE: y=loga x -LogX = In x loga DEFINITE INTEGRALS ALSO Una y=Sax'dx = afx*ax y=S(ax^+bx") dx Fa) = ffondx JHondk = FO = F(b) - F(a) "dx %3D %3D
Transcribed Image Text:*TATTOO"CHEAT SHEET - USE OFTEN! youR THE BASICS derrv. PX) MP CO) MC RX) X - fcx)+y ly CAN BE +,Ø,-) Xf'cx)+SLOPE(SLOPE CAN BE +,Ø,- §Ø = MAX OR MIN OR H. P.I.}) integ %3D X *f"Cx) + CONCAVITY (CONCAVITY IS U,A,Ø {0iS POINT OF INFLECTION}) DERIVATIVES PRODUCTS AND QUOTIENTS y=x^ y'- nx^- you" u isA FUNCTION, %3D U AND V y=uv y'= u'v +uv n-1 y'=nu" (u') X IS VAR., ARE FUNCTIONS y= e" y'- u'e" e AND ny= u y'= u'v -uv' V CONSTANTS dautdin y=Lnu y's 4 LOGS AND EXPONENTS y=a" y'=a"u’ına ) WHERE u IS A FUNC, INTEGRALS yoa" g =a*x' ina fais const, + X +K , n#-1 X IS VARVABLE Fa*(1) Lna ntl +k, n+-1 in(e*) =x (SIMPLIFIED, NOT DERIVATIVE ) =X (SIMPUFIED, NOT DERIVATIVE) + e" +K In(MN)= Ln M+ unN in (A) - LnM -UnN Lin(MP) = y=lagax a =x 4- Ju'u"dx → inu tK n- STEPS WHERE M EN ARE FUNCTIONS. (CONVERSIONS NOT DERIVATIVES) Pn M WHICH INTEGRAL? 1) MAKE IT 2) FIND U; CREATE U' 3) WE HAVE 4) MAKE IT LOOK LIKE TEMPLATE 5) PERFORM INTEGRAL PRETTY: WE WANT. CHANGE OF BASE: y=loga x -LogX = In x loga DEFINITE INTEGRALS ALSO Una y=Sax'dx = afx*ax y=S(ax^+bx") dx Fa) = ffondx JHondk = FO = F(b) - F(a) "dx %3D %3D
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