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The profit from the supply of a certain commodity is modeled as P(q) = 30 + 50 In(q) thousand dollars where q is the number of million units produced. (a) Write an expression for average profit (in dollars per unit) when q million units are produced. P(q) = (b) What are the profit and the average profit when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand average profit $ (c) How rapidly are profit and average profit changing when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand per million units average profit $ per million units (d) Why should managers consider the rate of change of average profit when making production decisions? O Maximum average profit generally occurs at a lower production level than maximum profit. O The rate of change of average profit indicates the status of the economy. O Producing more products will lead to an increase in the rate of change of average profit. O Average profit is the best indicator of how the market will perform in the future.

The profit from the supply of a certain commodity is modeled as P(q) = 30 + 50 In(q) thousand dollars where q is the number of million units produced. (a) Write an expression for average profit (in dollars per unit) when q million units are produced. P(q) = (b) What are the profit and the average profit when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand average profit $ (c) How rapidly are profit and average profit changing when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand per million units average profit $ per million units (d) Why should managers consider the rate of change of average profit when making production decisions? O Maximum average profit generally occurs at a lower production level than maximum profit. O The rate of change of average profit indicates the status of the economy. O Producing more products will lead to an increase in the rate of change of average profit. O Average profit is the best indicator of how the market will perform in the future.

Calculus: Early Transcendentals
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 profit from the supply of a certain commodity is modeled as P(q) = 30 + 50 In(q) thousand dollars where q is the number of million units produced. (a) Write an expression for average profit (in dollars per unit) when q million units are produced. P(q) = (b) What are the profit and the average profit when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand average profit $ (c) How rapidly are profit and average profit changing when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand per million units average profit $ per million units (d) Why should managers consider the rate of change of average profit when making production decisions? O Maximum average profit generally occurs at a lower production level than maximum profit. O The rate of change of average profit indicates the status of the economy. O Producing more products will lead to an increase in the rate of change of average profit. O Average profit is the best indicator of how the market will perform in the future.
Transcribed Image Text:The profit from the supply of a certain commodity is modeled as P(q) = 30 + 50 In(q) thousand dollars where q is the number of million units produced. (a) Write an expression for average profit (in dollars per unit) when q million units are produced. P(q) = (b) What are the profit and the average profit when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand average profit $ (c) How rapidly are profit and average profit changing when 13 million units are produced? (Round your answers to three decimal places.) profit $ thousand per million units average profit $ per million units (d) Why should managers consider the rate of change of average profit when making production decisions? O Maximum average profit generally occurs at a lower production level than maximum profit. O The rate of change of average profit indicates the status of the economy. O Producing more products will lead to an increase in the rate of change of average profit. O Average profit is the best indicator of how the market will perform in the future.
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