51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

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