Please I need help finding out how to do this problem, i also provide the formula sheet i have to follow to figure it out 3. A firm can produce at most x = 2500 units per month, and their marginal cost functionhas been computed to be MCunits is $70,000. If their marginal revenue function has been computed to be MR = 3500= 1200 +x , while the cost of producing and selling 30then find:a) The number of units of production resulting in maximum monthly profitb) The maximum monthly profitc) Associated fixed costsd) How many units does the firm need to manufacture and sell in order to break even? *TATTOO"CHEAT SHEET - USE OFTEN!youRTHE BASICSderrv.PX) MPCO) MCRX)X - fcx)+y ly CAN BE +,Ø,-)Xf'cx)+SLOPE(SLOPE CAN BE +,Ø,- §Ø = MAX OR MIN OR H. P.I.})integ%3DX *f"Cx) + CONCAVITY (CONCAVITY IS U,A,Ø {0iS POINT OF INFLECTION})DERIVATIVESPRODUCTS AND QUOTIENTSy=x^ y'- nx^-you"u isAFUNCTION,%3DU AND Vy=uv y'= u'v +uvn-1y'=nu" (u') X IS VAR.,AREFUNCTIONSy= e"y'- u'e"e AND ny= u y'= u'v -uv'VCONSTANTSdautdiny=Lnu y's 4LOGS AND EXPONENTSy=a" y'=a"u’ına ) WHERE uIS A FUNC,INTEGRALSyoa" g =a*x' ina fais const,+ X +K , n#-1X IS VARVABLEFa*(1) Lnantl+k, n+-1in(e*) =x (SIMPLIFIED, NOT DERIVATIVE )=X (SIMPUFIED, NOT DERIVATIVE)+ e" +KIn(MN)= Ln M+ unNin (A) - LnM -UnNLin(MP) =y=lagax a =x4- Ju'u"dx → inu tK n-STEPSWHERE MEN AREFUNCTIONS.(CONVERSIONSNOT DERIVATIVES)Pn MWHICH INTEGRAL?1) MAKE IT2) FIND U; CREATE U'3) WE HAVE4) MAKE IT LOOK LIKE TEMPLATE5) PERFORM INTEGRALPRETTY:WE WANT.CHANGE OF BASE:y=loga x -LogX= In xlogaDEFINITE INTEGRALSALSOUnay=Sax'dx = afx*axy=S(ax^+bx") dxFa) = ffondxJHondk = FO = F(b) - F(a)"dx%3D%3D

MC=1200 + x For 30 units: Cost = 70,000 MR = 3500

3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 1200 + x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?

3. A firm can produce at most x = 2500 units per month, and their marginal cost function has been computed to be MC units is $70,000. If their marginal revenue function has been computed to be MR = 3500 1200 + x , while the cost of producing and selling 30 then find: a) The number of units of production resulting in maximum monthly profit b) The maximum monthly profit c) Associated fixed costs d) How many units does the firm need to manufacture and sell in order to break even?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.8P

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