For this week's Excel assignment I would like you to calculate the profit and marginal profit when the revenue R(x) and cost C(x) functions are described by the following equations: R100 5000x x 3000-20x + 0.03x2 where x is the number of units produced Create a table of values for x, R(x), C(x), P(x) and P'(x). Plot the data for P(x) and P'(x) using the smooth continuous curve option in Excel (see attached screen shot) Maps PivotChart 3D Recommended Charts Map Tours Scatter 0 Bubble H: More Scatter Charts The minimum number of points is: x = 500 units, 875 units and 1000 units. Make sure to show your equations for profit P(x) and marginal profit P(x) in your Excel spreadsheet. Also, make sure you pick enough values of x to capture the true shape of the curve. The x values listed above are the minimum number of points (Hint, something unique may be happening at these points, therefore pick more points to make sure you have the true shape of the profit and marginal profit curves.) Questions: (1) Does P(x) reach a peak? (2) What is the peak value? (3) What is the value for x? (4) What is the value for P(x)?
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
Hi,
i added question as a picture.
R(x) = 5000x − x2100R(x) = 5000x - x2100 {"version":"1.1","math":"<math xmlns="http://www.w3.org/1998/Math/MathML"><mi>R</mi><mo>(</mo><mi>x</mi><mo>)</mo><mo> </mo><mo>=</mo><mo> </mo><mfrac><mrow><mn>5000</mn><mi>x</mi><mo> </mo><mo>-</mo><mo> </mo><msup><mi>x</mi><mn>2</mn></msup></mrow><mn>100</mn></mfrac></math>"}
C(x) = 3000 − 20x + 0.03x2C(x) = 3000 - 20x + 0.03x2 {"version":"1.1","math":"<math xmlns="http://www.w3.org/1998/Math/MathML"><mi>C</mi><mo>(</mo><mi>x</mi><mo>)</mo><mo> </mo><mo>=</mo><mo> </mo><mn>3000</mn><mo> </mo><mo>-</mo><mo> </mo><mn>20</mn><mi>x</mi><mo> </mo><mo>+</mo><mo> </mo><mn>0</mn><mo>.</mo><mn>03</mn><msup><mi>x</mi><mn>2</mn></msup></hi my
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 1 images
