Explanation Given information: The marginal cost function of producing q units is given by C ′ ( q ) = 600 0.3 q + 5 The fixed cost of producing 30 bicycles is $ 2000 . Concept used: Total cost = fixed cost + variable cost Calculation: The variable cost of producing 30 bicycles is represented by the area under the marginal cost curve that is by the integral = 2000 + ∫ 0 30 C ' ( q ) d q . Total cost of producing 30 bicycles is given as follows: Fixed cost + Total variable cost = 2000 + ∫ 0 30 C ' ( q ) d q = 2000 + ∫ 0 30 600 0.3 q + 5 d q [ C ' ( q ) = 600 0.3 q + 5 ] = 2000 + 600 ∫ 0 30 1 0.3 q + 5 d q { d d x ( c x ) = c d d x ( x ) } = 2000 + 600 0 To determine (b) To find the profit or loss on the first 30 bicycles if the bikes are sold for $ 200 each. To determine (c) To find the marginal profit on the 31 st bicycle .

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Question

Chapter 5.5, Problem 11P

To determine

(a)

The total cost to produce 30 bicycles.

To determine

(b)

To find the profit or loss on the first 30 bicycles if the bikes are sold for $200 each.

To determine

(c)

To find the marginal profit on the 31st bicycle.

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Chapter 5.5, Problem 10P

Chapter 5.5, Problem 12P

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(a) The total cost to produce 30 bicycles.

Solution Summary: The total cost of producing 30 bicycles is 4059. The variable cost is represented by the area under the marginal cost curve.

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(a) The total cost to produce 30 bicycles.

(b) To find the profit or loss on the first 30 bicycles if the bikes are sold for $200 each.

(c) To find the marginal profit on the 31st bicycle.

Want to see the full answer?

Chapter 5 Solutions

(a)

The total cost to produce 30 bicycles.

(b)

To find the profit or loss on the first 30 bicycles if the bikes are sold for $200 each.

(c)

To find the marginal profit on the 31st bicycle.