(a) Explanation Given information: The weekly demand for the Lectro Copy photocopying machine is represented by the demand function, p = 2000 − 0.04 x ( 0 ≤ x ≤ 50 , 000 ) (1) Where, p denotes the wholesale unit price and x denotes the quantity demanded. The weekly total cost functions for manufacturing these copiers are, C ( x ) = 0.000002 x 3 − 0.02 x 2 + 1000 x + 120 , 000 (2) Definition used: (1) The product of the unit price and the demanded quantity is known as the revenue function, that is R = p x (2) Profit function is defined as the difference of revenue function and cost function, that is, P ( x ) = R ( x ) − C ( x ) (3) The average cost function is defined as the ratio of the total cost incurred in the production of x units to the total number of x units produced. If C ( x ) is the total cost in producing x units, then the average cost function is, Average cost function C ¯ ( x ) = C ( x ) x Calculation: From the definition (1), multiply the quantity demanded x with the wholesale unit price to evaluate the revenue function. R = p x = ( 2000 − 0.04 x ) x = 2000 x − 0.04 x 2 Thus, the revenue function R is 2000 x − 0.04 x 2 . From the definition (2), subtract C ( x ) of equation (2) from the revenue function R ( x ) to evaluate the profit function. P ( x ) = ( 2000 x − 0.04 x 2 ) − ( 0.000002 x 3 − 0 (b) To determine The marginal cost function C ′ , the marginal revenue function R ′ , the marginal profit function P ′ and the marginal average cost function C ¯ ′ . (c) To determine The value of marginal cost function C ′ , marginal revenue function R ′ and the marginal profit function P ′ when the value of x is 3000. (d) To determine The value of marginal average cost function when x = 5000 and 8000 and interpret the result.

Applied Calculus for the Managerial, Life, and Social Sciences (MindTap Course List)

10th Edition

ISBN: 9781305657861

Author: Soo T. Tan

Publisher: Cengage Learning

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Question

Chapter 3, Problem 67RE

(a)

To determine

The revenue function R, profit function P and the average cost function C¯ .

(b)

To determine

The marginal cost function C′ , the marginal revenue function R′ , the marginal profit function P′ and the marginal average cost function C¯′ .

(c)

To determine

The value of marginal cost function C′ , marginal revenue function R′ and the marginal profit function P′ when the value of x is 3000.

(d)

To determine

The value of marginal average cost function when x=5000 and 8000 and interpret the result.

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Chapter 3, Problem 66RE

Chapter 3, Problem 68RE

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Chapter 3 Solutions

Applied Calculus for the Managerial, Life, and Social Sciences (MindTap Course List)

Ch. 3.1 - State the following rules of differentiation in...Ch. 3.1 - Prob. 2CQ Ch. 3.1 - Prob. 3CQ Ch. 3.1 - Prob. 4CQ Ch. 3.1 - Prob. 1E Ch. 3.1 - Prob. 2E Ch. 3.1 - Prob. 3E Ch. 3.1 - Prob. 4E Ch. 3.1 - Prob. 5E Ch. 3.1 - Prob. 6E

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AUTO TRANSMISSIONS .AND FUEL ECONOMY In trying to...Ch. 3.5 - Prob. 32E Ch. 3.5 - Prob. 33E Ch. 3.5 - Prob. 34E Ch. 3.5 - Prob. 35E Ch. 3.5 - Prob. 36E Ch. 3.5 - Prob. 37E Ch. 3.5 - Prob. 38E Ch. 3.5 - Prob. 39E Ch. 3.5 - Prob. 40E Ch. 3.5 - Prob. 41E Ch. 3.5 - Prob. 42E Ch. 3.5 - Prob. 43E Ch. 3.5 - Prob. 44E Ch. 3.5 - Prob. 45E Ch. 3.5 - Prob. 46E Ch. 3.5 - Prob. 47E Ch. 3.5 - Prob. 48E Ch. 3.5 - Prob. 49E Ch. 3.5 - Prob. 50E Ch. 3.5 - Prob. 1TE Ch. 3.5 - Prob. 2TE Ch. 3.5 - Prob. 3TE Ch. 3.5 - Prob. 4TE Ch. 3.5 - In Exercises 1-8, find the value of the second...Ch. 3.5 - Prob. 6TE Ch. 3.5 - Prob. 7TE Ch. 3.5 - Prob. 8TE Ch. 3.6 - Prob. 1CQ Ch. 3.6 - Prob. 2CQ Ch. 3.6 - Prob. 3CQ Ch. 3.6 - Prob. 4CQ Ch. 3.6 - Prob. 1E Ch. 3.6 - Prob. 2E Ch. 3.6 - Prob. 3E Ch. 3.6 - Prob. 4E Ch. 3.6 - Prob. 5E Ch. 3.6 - Prob. 6E Ch. 3.6 - Prob. 7E Ch. 3.6 - Prob. 8E Ch. 3.6 - Prob. 9E Ch. 3.6 - Prob. 10E Ch. 3.6 - Prob. 11E Ch. 3.6 - Prob. 12E Ch. 3.6 - Prob. 13E Ch. 3.6 - Prob. 14E Ch. 3.6 - Prob. 15E Ch. 3.6 - 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Volume of a Cylinder The volume of a...Ch. 3.6 - Prob. 40E Ch. 3.6 - Prob. 41E Ch. 3.6 - Prob. 42E Ch. 3.6 - Prob. 43E Ch. 3.6 - Prob. 44E Ch. 3.6 - Prob. 45E Ch. 3.6 - Prob. 46E Ch. 3.6 - Prob. 47E Ch. 3.6 - PRODUCTION FUNCTION FOR A FURNITURE COMPANY The...Ch. 3.6 - Prob. 49E Ch. 3.6 - Prob. 50E Ch. 3.6 - Prob. 51E Ch. 3.6 - Prob. 52E Ch. 3.6 - Prob. 53E Ch. 3.6 - Prob. 54E Ch. 3.6 - Prob. 55E Ch. 3.6 - Prob. 56E Ch. 3.6 - Prob. 57E Ch. 3.6 - Prob. 58E Ch. 3.6 - Prob. 59E Ch. 3.6 - Prob. 60E Ch. 3.6 - Prob. 61E Ch. 3.6 - Prob. 62E Ch. 3.6 - Prob. 63E Ch. 3.6 - Prob. 64E Ch. 3.6 - Prob. 65E Ch. 3.6 - 66. Flow of Water from a Tank Water flows from a...Ch. 3.6 - Prob. 67E Ch. 3.6 - Prob. 68E Ch. 3.6 - Prob. 69E Ch. 3.6 - Prob. 70E Ch. 3.6 - Prob. 71E Ch. 3.6 - Prob. 72E Ch. 3.6 - Prob. 73E Ch. 3.6 - Prob. 74E Ch. 3.7 - Prob. 1CQ Ch. 3.7 - Prob. 2CQ Ch. 3.7 - Prob. 3CQ Ch. 3.7 - Prob. 4CQ Ch. 3.7 - Prob. 1E Ch. 3.7 - Prob. 2E Ch. 3.7 - Prob. 3E Ch. 3.7 - Prob. 4E Ch. 3.7 - Prob. 5E Ch. 3.7 - Prob. 6E Ch. 3.7 - Prob. 7E Ch. 3.7 - Prob. 8E Ch. 3.7 - Prob. 9E Ch. 3.7 - Prob. 10E Ch. 3.7 - Prob. 11E Ch. 3.7 - Prob. 12E Ch. 3.7 - Prob. 13E Ch. 3.7 - Prob. 14E Ch. 3.7 - Prob. 15E Ch. 3.7 - Prob. 16E Ch. 3.7 - Prob. 17E Ch. 3.7 - Prob. 18E Ch. 3.7 - Prob. 19E Ch. 3.7 - Prob. 20E Ch. 3.7 - Prob. 21E Ch. 3.7 - Prob. 22E Ch. 3.7 - Prob. 23E Ch. 3.7 - Prob. 24E Ch. 3.7 - Prob. 25E Ch. 3.7 - Prob. 26E Ch. 3.7 - Prob. 27E Ch. 3.7 - Prob. 28E Ch. 3.7 - Prob. 29E Ch. 3.7 - Prob. 30E Ch. 3.7 - Prob. 31E Ch. 3.7 - Prob. 32E Ch. 3.7 - Prob. 33E Ch. 3.7 - Prob. 34E Ch. 3.7 - Prob. 35E Ch. 3.7 - Prob. 36E Ch. 3.7 - Prob. 37E Ch. 3.7 - Prob. 38E Ch. 3.7 - Prob. 39E Ch. 3.7 - SURFACE AREA OF AN ANIMAL Animal physiologists use...Ch. 3.7 - Prob. 41E Ch. 3.7 - FORECASTING COMMODITY PRICES A certain countrys...Ch. 3.7 - Prob. 43E Ch. 3.7 - Prob. 44E Ch. 3.7 - Prob. 45E Ch. 3.7 - Prob. 46E Ch. 3.7 - Prob. 47E Ch. 3.7 - Prob. 48E Ch. 3.7 - Prob. 49E Ch. 3.7 - In Exercises 49 and 50, determine whether the...Ch. 3.7 - Prob. 1TE Ch. 3.7 - Prob. 2TE Ch. 3.7 - Prob. 3TE Ch. 3.7 - Prob. 4TE Ch. 3.7 - Prob. 5TE Ch. 3.7 - Prob. 6TE Ch. 3.7 - Prob. 7TE Ch. 3.7 - Prob. 8TE Ch. 3 - Prob. 1CRQ Ch. 3 - Prob. 2CRQ Ch. 3 - Prob. 3CRQ Ch. 3 - Prob. 4CRQ Ch. 3 - Prob. 5CRQ Ch. 3 - Prob. 6CRQ Ch. 3 - Prob. 7CRQ Ch. 3 - Prob. 8CRQ Ch. 3 - Prob. 9CRQ Ch. 3 - Prob. 10CRQ Ch. 3 - Prob. 1RE Ch. 3 - Prob. 2RE Ch. 3 - Prob. 3RE Ch. 3 - Prob. 4RE Ch. 3 - Prob. 5RE Ch. 3 - Prob. 6RE Ch. 3 - Prob. 7RE Ch. 3 - Prob. 8RE Ch. 3 - Prob. 9RE Ch. 3 - Prob. 10RE Ch. 3 - Prob. 11RE Ch. 3 - Prob. 12RE Ch. 3 - Prob. 13RE Ch. 3 - Prob. 14RE Ch. 3 - Prob. 15RE Ch. 3 - Prob. 16RE Ch. 3 - Prob. 17RE Ch. 3 - Prob. 18RE Ch. 3 - Prob. 19RE Ch. 3 - Prob. 20RE Ch. 3 - Prob. 21RE Ch. 3 - Prob. 22RE Ch. 3 - Prob. 24RE Ch. 3 - Prob. 25RE Ch. 3 - Prob. 26RE Ch. 3 - Prob. 27RE Ch. 3 - Prob. 28RE Ch. 3 - Prob. 29RE Ch. 3 - Prob. 30RE Ch. 3 - Prob. 31RE Ch. 3 - Prob. 32RE Ch. 3 - Prob. 33RE Ch. 3 - Prob. 34RE Ch. 3 - Prob. 35RE Ch. 3 - Prob. 36RE Ch. 3 - Prob. 37RE Ch. 3 - Prob. 38RE Ch. 3 - Prob. 39RE Ch. 3 - Prob. 40RE Ch. 3 - Prob. 41RE Ch. 3 - Prob. 42RE Ch. 3 - Prob. 43RE Ch. 3 - Prob. 44RE Ch. 3 - Prob. 45RE Ch. 3 - Prob. 46RE Ch. 3 - Prob. 47RE Ch. 3 - Prob. 49RE Ch. 3 - Prob. 50RE Ch. 3 - Prob. 51RE Ch. 3 - Prob. 52RE Ch. 3 - Prob. 53RE Ch. 3 - Prob. 54RE Ch. 3 - Prob. 55RE Ch. 3 - Prob. 56RE Ch. 3 - Prob. 57RE Ch. 3 - Prob. 58RE Ch. 3 - Prob. 59RE Ch. 3 - Prob. 60RE Ch. 3 - Prob. 61RE Ch. 3 - Prob. 62RE Ch. 3 - Prob. 63RE Ch. 3 - Prob. 64RE Ch. 3 - Prob. 65RE Ch. 3 - Prob. 66RE Ch. 3 - Prob. 67RE Ch. 3 - Prob. 68RE Ch. 3 - Prob. 69RE Ch. 3 - Prob. 70RE Ch. 3 - Prob. 71RE Ch. 3 - Prob. 72RE Ch. 3 - Prob. 73RE Ch. 3 - Prob. 74RE Ch. 3 - Prob. 1BM Ch. 3 - Prob. 2BM Ch. 3 - Prob. 3BM Ch. 3 - Prob. 4BM Ch. 3 - Prob. 5BM Ch. 3 - Prob. 6BM

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The revenue function R , profit function P and the average cost function C ¯ .

Solution Summary: The author explains the revenue function, profit function and average cost functions for the Lectro Copy photocopying machine.

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The revenue function R, profit function P and the average cost function C¯ .

The marginal cost function C′ , the marginal revenue function R′ , the marginal profit function P′ and the marginal average cost function C¯′ .

The value of marginal cost function C′ , marginal revenue function R′ and the marginal profit function P′ when the value of x is 3000.

The value of marginal average cost function when x=5000 and 8000 and interpret the result.

Want to see the full answer?

Chapter 3 Solutions