Problem 1 (a) TeddyJ is a manufacturer of dish washing liquid. If his monthly demand function for 750ml Size is q = 4000 - 250p and his total cost function is C(q) = 500+0.2q. %3D %3D (i) Derive an expression, R(g) for Teddy J's total revenue curve. (11) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.
Problem 1 (a) TeddyJ is a manufacturer of dish washing liquid. If his monthly demand function for 750ml Size is q = 4000 - 250p and his total cost function is C(q) = 500+0.2q. %3D %3D (i) Derive an expression, R(g) for Teddy J's total revenue curve. (11) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 3E
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