51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

51, 52, 53

50 f'(x) 10 x+ x?, (2,-7)
51 The marginal revenue function for a company's product is
MR = 40,000 – 4x
where x equals the number of units sold. If total revenue equals 0 when no units are sold,
determine the total revenue function for the product.
52 The function describing the marginal cost (in dollars) of producing a product is
MC = 8x + 800
where x equals the number of units produced. It is known that total cost equals $80,000
when 40 units are produced. Determine the total cost function.
53 The function describing the marginal profit from producing and selling a product is
MP -6x + 450
where x equals the number of units and MP is the marginal profit measured in dollars.
When 100 units are produced and sold, total profit equals $5,000. Determine the total
profit function.

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