Explanation Given information: The graph of cost and revenue is given by Fact used: If the marginal profit, M π ( q ) > 0 , the production level should be increased. If the marginal profit, M π ( q ) < 0 , the production level should be decreased. If the marginal profit, M π ( q ) = 0 , the production level should be remain the same. Calculation: From the given graph, we can see that, at q = 3000 , the marginal cost is less than the marginal revenue To determine (b) To find: Whether the marginal cost or marginal revenue is greater at a production level of q = 5000 and explain whether the production should be increased or decreased.

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 4.4, Problem 14P

To determine

(a)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=3000 and explain whether the production should be increased or decreased.

To determine

(b)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=5000 and explain whether the production should be increased or decreased.

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Chapter 4.4, Problem 13P

Chapter 4.4, Problem 15P

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Chapter 4 Solutions

APPLIED CALCULUS-PRINT COMPANION (LL)

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(a) To find: Whether the marginal cost or marginal revenue is greater at a production level of q = 3000 and explain whether the production should be increased or decreased.

Solution Summary: The author analyzes the graph of cost and revenue and determines whether the marginal cost or marginal revenue is greater at a production level of q=5000.

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(a)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=3000 and explain whether the production should be increased or decreased.

(b)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=5000 and explain whether the production should be increased or decreased.

Want to see the full answer?

Chapter 4 Solutions

(a) To find: Whether the marginal cost or marginal revenue is greater at a production level of q = 3000 and explain whether the production should be increased or decreased.

Solution Summary: The author analyzes the graph of cost and revenue and determines whether the marginal cost or marginal revenue is greater at a production level of q=5000.

Concept explainers

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(a) To find: Whether the marginal cost or marginal revenue is greater at a production level of q=3000 and explain whether the production should be increased or decreased.

(b) To find: Whether the marginal cost or marginal revenue is greater at a production level of q=5000 and explain whether the production should be increased or decreased.

Want to see the full answer?

Chapter 4 Solutions

(a)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=3000 and explain whether the production should be increased or decreased.

(b)

To find:

Whether the marginal cost or marginal revenue is greater at a production level of q=5000 and explain whether the production should be increased or decreased.