The profit from the supply of a certain commodity is modeled as P(q) = 71ge-0.29 dollars where q is the number of units produced. 0 ≤ q ≤ 100 (a) Write an expression for the rate of change of profit. (Be sure to use q as the independent variable.) P'(q) = dollars per unit (b) At what production level in the domain 0 ≤ q ≤ 100 is the rate of change of profit zero? (Round your answer to the nearest whole number.) units q= (c) What is profit at the production level found in part (b)? (Round your answer to two decimal places.) $

The profit from the supply of a certain commodity is modeled as P(q) = 71ge-0.29 dollars where q is the number of units produced. 0 ≤ q ≤ 100 (a) Write an expression for the rate of change of profit. (Be sure to use q as the independent variable.) P'(q) = dollars per unit (b) At what production level in the domain 0 ≤ q ≤ 100 is the rate of change of profit zero? (Round your answer to the nearest whole number.) units q= (c) What is profit at the production level found in part (b)? (Round your answer to two decimal places.) $

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

The profit from the supply of a certain commodity is modeled as
P(q) = 71ge-0.29 dollars
where q is the number of units produced. 0 ≤ q ≤ 100
(a) Write an expression for the rate of change of profit. (Be sure to use q as the independent variable.)
P'(q)
dollars per unit
(b) At what production level in the domain 0 ≤ q ≤ 100 is the rate of change of profit zero? (Round your answer to the nearest whole number.)
q=
units
(c) What is profit at the production level found in part (b)? (Round your answer to two decimal places.)

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