The price-demand equation and the cost function for the production of a certain product are given, respectively, by p = 15 - 0.005x and C(x) = 2,000 + 3x, 0 sxs 3,000, where x is the number of units that can be sold at a price of $p per unit and C(x) is the total cost (in dollars) of producing x units. Complete parts a) through e) below. a) Find the revenue function R(x) and the profit function P(x). Simplify your answers. R(x) = P(x) = b) Find the marginal profit function P(x). Also, find the profit and the marginal profit at a production level of 1,000. P'(x) = . At production level 1000, the profit is and the marginal profit is
The price-demand equation and the cost function for the production of a certain product are given, respectively, by p = 15 - 0.005x and C(x) = 2,000 + 3x, 0 sxs 3,000, where x is the number of units that can be sold at a price of $p per unit and C(x) is the total cost (in dollars) of producing x units. Complete parts a) through e) below. a) Find the revenue function R(x) and the profit function P(x). Simplify your answers. R(x) = P(x) = b) Find the marginal profit function P(x). Also, find the profit and the marginal profit at a production level of 1,000. P'(x) = . At production level 1000, the profit is and the marginal profit is
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...
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![The price-demand equation and the cost function for the production of a certain product are given,
respectively, by p = 15 - 0.005x and C(x) = 2,000 + 3x, 0 sxs 3,000, where x is the number of units that can be
sold at a price of $p per unit and C(x) is the total cost (in dollars) of producing x units. Complete parts a)
through e) below.
a)
Find the revenue function R(x) and the profit function P(x). Simplify your answers.
R(x) =
P(x) =
b)
Find the marginal profit function P'(x). Also, find the profit and the marginal profit at a production
level of 1,000.
P'(x) =.
At production level 1000, the profit is
and the marginal profit is](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad61fb23-6772-4c68-a944-71325d2213c5%2F0dafae24-e1bb-4b6f-b826-0bf76d33e7bf%2F0tkpa6ii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The price-demand equation and the cost function for the production of a certain product are given,
respectively, by p = 15 - 0.005x and C(x) = 2,000 + 3x, 0 sxs 3,000, where x is the number of units that can be
sold at a price of $p per unit and C(x) is the total cost (in dollars) of producing x units. Complete parts a)
through e) below.
a)
Find the revenue function R(x) and the profit function P(x). Simplify your answers.
R(x) =
P(x) =
b)
Find the marginal profit function P'(x). Also, find the profit and the marginal profit at a production
level of 1,000.
P'(x) =.
At production level 1000, the profit is
and the marginal profit is
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