Explanation Given: The fixed cost for a product is $650. The break-even quantity is 25. Calculation: The linear cost function is of the form C ( x ) = m x + b , where m is the marginal cost and b is the fixed cost. Since the fixed cost is $650, the cost function is C ( x ) = m x + 650 . The revenue function is R ( x ) = p x , where p is the price per unit. The profit is the difference between the cost and revenue function. That is, P ( x ) = R ( x ) − C ( x ) . Substitute the revenue and cost function in the above equation, P ( x ) = p x − ( m x + 650 ) = p x − m x − 650 = ( p − m ) x − 650 = M x − 650 &

10th Edition

ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 1.2, Problem 44E

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To find: The marginal profit.

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Chapter 1.2, Problem 43E

Chapter 1.2, Problem 45E

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Chapter 1 Solutions

EBK FINITE MATHEMATICS AND CALCULUS WIT

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The marginal profit.

Solution Summary: The author explains that the linear profit function is P(x)=26x-650 and the marginal profit is 26.

To find: The marginal profit.

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Chapter 1 Solutions