A toy manufacturer makes miniature trucks. The price p (in dollar) and the demand x (number of miniature trucks) are related by the equation 6000 − 600p = x. The total cost for the same toy manufacturer to produce x miniature trucks can be modeled by C(x) = 8x + 450. a) Find P' (300) and interpret the result. b) What is the exact profit from the sale of the 301st miniature truck?
A toy manufacturer makes miniature trucks. The price p (in dollar) and the demand x (number of miniature trucks) are related by the equation 6000 − 600p = x. The total cost for the same toy manufacturer to produce x miniature trucks can be modeled by C(x) = 8x + 450. a) Find P' (300) and interpret the result. b) What is the exact profit from the sale of the 301st miniature truck?
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
Chapter9: Applications Of Cost Theory
Section: Chapter Questions
Problem 1.6CE
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A toy manufacturer makes miniature trucks. The price p (in dollar) and the demand x (number of miniature trucks) are related by the equation 6000 − 600p = x. The total cost for the same toy manufacturer to produce x miniature trucks can be modeled by C(x) = 8x + 450.
a) Find P' (300) and interpret the result.
b) What is the exact profit from the sale of the 301st miniature truck?
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