(a) Teddy Jis a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q. (1) Derive an expression, R(q) for Teddy J's total revenue curve. (ii) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.

(a) Teddy Jis a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q. (1) Derive an expression, R(q) for Teddy J's total revenue curve. (ii) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.

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

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 5E

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Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750mlsize is q = 4000 − 250p and his total cost function is C(q) = 500 + 0.2q.(i) Derive an expression, R(q) for Teddy J′s total revenue curve.(ii) Derive an expression, Π(q) for Teddy J's profit function.(iii) Determine whether Teddy J′s profit is increasing or decreasing whenhe produces 5 hundred, 750ml bottles of dish washing liquid.(iv) How many 750ml bottles of dish washing liquid should Teddy J produceper month if he wishes to maximize his profits. thank you for your help
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