An industrial production process costs C(q) million dollars to produce q million units; these units then sell for R(q) million dollars. If C(2.1) = 5.3,R(2.1) = 6.8, MC(2.1) = 0.7, and MR(2.1) = 0.8, calculate the following. (a) The profit earned by producing 2.1 million units. The profit is i million dollars. (b) The approximate change in revenue if production increases from 2.1 to 2.16 million units. The change in revenue is about thousand dollars. (c) The approximate change in revenue if production decreases from 2.1 to 2.04 million units. The change in revenue is about thousand dollars. (d) The approximate change in profit in parts (b) and (c). The change in profit in part (b) is about i thousand dollars, and the change in profit in part (c) is about i thousand dollars.

An industrial production process costs C(q) million dollars to produce q million units; these units then sell for R(q) million dollars. If C(2.1) = 5.3,R(2.1) = 6.8, MC(2.1) = 0.7, and MR(2.1) = 0.8, calculate the following. (a) The profit earned by producing 2.1 million units. The profit is i million dollars. (b) The approximate change in revenue if production increases from 2.1 to 2.16 million units. The change in revenue is about thousand dollars. (c) The approximate change in revenue if production decreases from 2.1 to 2.04 million units. The change in revenue is about thousand dollars. (d) The approximate change in profit in parts (b) and (c). The change in profit in part (b) is about i thousand dollars, and the change in profit in part (c) is about i thousand dollars.

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter12: Algebra Of Matrices

Section12.CR: Review Problem Set

Problem 37CR

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