6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given as MR = 1200 and the cost of 8 units is found to be $1600, what are: a. the Total Costs? b. the Fixed Costs? c. the Total Profit? d. the production level, x, that yields Maximum Profit? e. the corresponding Maximum Profit?
6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given as MR = 1200 and the cost of 8 units is found to be $1600, what are: a. the Total Costs? b. the Fixed Costs? c. the Total Profit? d. the production level, x, that yields Maximum Profit? e. the corresponding Maximum Profit?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 5CQQ
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Question
Need help and want to know steps, plus which of the tattoo formulas i have to use if needed
Transcribed Image Text:*TATTOO"CHEAT SHEET - USE OFTEN!
youR
THE BASICS
derv.
PX) MP
CO) MC
RX) MR
X→ fcx)+y (ly CAN BE +,Ø,-)
X f'x) SLOPE(SLOPE CAN BE +,Ø,
integ.
- {0 = MAx OR MIN OR H.P.I.3)
X *f"(x) + CONCAVITY (CONCAVITY IS ,A,Ø { Bis POINT OF INFLECTION})
DERIVATIVES
PRODUCTS AND QUOTIENTS
u isA
FUNCTION,
X IS VAR.,
e AND n y= u y'= u'v -uv'
y=x^
y'= nxn-i
U AND V
youv y'- u'v+uv'
%3D
n-I
y'= nu" (u')
y=e" y'- u'e"
y=Lnu y'= 4 doutdin
y=u^
ARE
FUNCTIONS
CONSTANTS
LOGS AND EXPONENTS
y=a" y'=a"u'ına ) WHERE U
y-a* y = a*x' In a fa is const,
Fa*(1) ina
INTEGRALS
IS A FUNC,
x^dx
+K, n+-I
X IS VARVABLE
ntl
dx → U'
+k, n+-1
Un(e*) =x (SIMPLIFIED, NOT DERIVATI VE )
=X (SIMPUFIED, NOT DERIVATIVE)
y= Ju'e"dr → e" + k
in(MN) = Ln M+ inN
in (A) - LnM -UnN
in (M) = PlnM
y= logax ay =x
WHERE M
» In u +K n=-l
EN ARE
STEPS
FUNCTIONS.
(CONVERSIONS
NOT DERIVATIVĖS
1) MAKE IT PRETTY. WHICH INTEGRAL?
2) FIND U; CREATE U'
3) WE HAVE
4) MAKE IT LOOK LIKE TEMPLATE
5) PERFORM INTEGRAL
WE WANT.
CHANGE OF BASE:
y=loga x
loga
DEFINITE INTEGRALS
log X
In X
%3D
ALSO
Una
y=Jax^dx = afx°dx
Scan"
y= J(ax^+bx") dx
SFondh Fo = Fb) - Fla)
Jfandk=Fx)
%3D
%3D
a
Transcribed Image Text:6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given
as MR = 1200 and the cost of 8 units is found to be $1600, what are:
a. the Total Costs?
b. the Fixed Costs?
c. the Total Profit?
d. the production level, x, that yields Maximum Profit?
e. the corresponding Maximum Profit?
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