Cost, revenue, and profit are in dollars and q is the number of units. Suppose that the total revenue function for a product is TR(q) = 35q and that the total cost function is TC(q) = 1900 + 15q + 0.01q2. (a) Find the profit from the production and sale of 500 units. 2$ (b) Find the marginal profit function. MP(q)= (c) Find marginal profit at q = 500. Explain what it predicts. The total profit will increase by approximately $ X on the sale of the next (501st) unit. (d) Find P(501) – P(500). $ Explain what this value represents. This is the total profit for 501 units. This is the actual cost of the 501st unit. O This is the actual profit on the sale of the 501st unit. This is the actual revenue on the sale of the 501st unit. This is the total cost of 501 units.
Cost, revenue, and profit are in dollars and q is the number of units. Suppose that the total revenue function for a product is TR(q) = 35q and that the total cost function is TC(q) = 1900 + 15q + 0.01q2. (a) Find the profit from the production and sale of 500 units. 2$ (b) Find the marginal profit function. MP(q)= (c) Find marginal profit at q = 500. Explain what it predicts. The total profit will increase by approximately $ X on the sale of the next (501st) unit. (d) Find P(501) – P(500). $ Explain what this value represents. This is the total profit for 501 units. This is the actual cost of the 501st unit. O This is the actual profit on the sale of the 501st unit. This is the actual revenue on the sale of the 501st unit. This is the total cost of 501 units.
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
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Transcribed Image Text:Cost, revenue, and profit are in dollars and q is the number of units.
Suppose that the total revenue function for a product is TR(q) = 35q and that the total cost function is TC(q) = 1900 + 15q + 0.01q².
(a) Find the profit from the production and sale of 500 units.
$
(b) Find the marginal profit function.
MP(q)=
(c) Find marginal profit at q
500.
Explain what it predicts.
The total profit will increase|
by approximately $
X on the sale of the next (501st) unit.
(d) Find P(501) – P(500).
$
Explain what this value represents.
This is the total profit for 501 units.
This is the actual cost of the 501st unit.
This is the actual profit on the sale of the 501st unit.
This is the actual revenue on the sale of the 501st unit.
This is the total cost of 501 units.
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Not sure why $9.99 is incorrect
Transcribed Image Text:(c) Find marginal profit at q = 500.
10
Explain what it predicts.
The total profit will increase v by approximately $ 9.99
x on the sale of the next (501st) unit.
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