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A company has a cost function C(q) = 3q + 2000 dollars and revenue function R(q) = 8q dollarsFind the equation of the profit function P(q) _____________________________.  a.P(q) = 3q + 2000 b.P(q) = 5q + 2000 c.P(q) = 11q – 2000 d.P(q) = 5q – 2000 e.None of these

Question

A company has a cost function C(q) = 3q + 2000 dollars and revenue function R(q) = 8q dollars

Find the equation of the profit function P(q) _____________________________.

 

  a.

P(q) = 3q + 2000

  b.

P(q) = 5q + 2000

  c.

P(q) = 11q – 2000

  d.

P(q) = 5q – 2000

  e.

None of these

check_circleAnswer
Step 1

We know that , profit is the difference between revenue and cost

Step 2

So profit function =revenue f...

C(q) 3q 2000
R(q)8q
P(a) R(g)-C()
P(q) 8q-(32000)= 5q -2000
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C(q) 3q 2000 R(q)8q P(a) R(g)-C() P(q) 8q-(32000)= 5q -2000

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