point) Let C(q)C(q) represent the cost, R(q)R(q) the revenue, and π(q)π(q) the total profit, in dollars, of producing qq items. a) If C′(71)=64C′(71)=64 and R′(71)=71R′(71)=71, approximately how much profit is earned by item number 72? b) If C′(90)=61C′(90)=61 and R′(90)=55R′(90)=55, approximately how much profit is earned by item number 91? NOTE: In this problem, the phrase "earned profit" is used in the sense of "additional profit over and above (or under and below) the profit at its predecessor". One can use the marginal cost and the marginal revenue to estimate how much the profit will change from one item to the next.
point) Let C(q)C(q) represent the cost, R(q)R(q) the revenue, and π(q)π(q) the total profit, in dollars, of producing qq items. a) If C′(71)=64C′(71)=64 and R′(71)=71R′(71)=71, approximately how much profit is earned by item number 72? b) If C′(90)=61C′(90)=61 and R′(90)=55R′(90)=55, approximately how much profit is earned by item number 91? NOTE: In this problem, the phrase "earned profit" is used in the sense of "additional profit over and above (or under and below) the profit at its predecessor". One can use the marginal cost and the marginal revenue to estimate how much the profit will change from one item to the next.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
Related questions
Question
point) Let C(q)C(q) represent the cost, R(q)R(q) the revenue, and π(q)π(q) the total profit, in dollars, of producing qq items.
a) If C′(71)=64C′(71)=64 and R′(71)=71R′(71)=71, approximately how much profit is earned by item number 72?
b) If C′(90)=61C′(90)=61 and R′(90)=55R′(90)=55, approximately how much profit is earned by item number 91?
NOTE: In this problem, the phrase "earned profit" is used in the sense of "additional profit over and above (or under and below) the profit at its predecessor". One can use the marginal cost and the marginal revenue to estimate how much the profit will change from one item to the next.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning