Cost, revenue, and profit are in dollars and q is the number of units. Suppose that the total revenue function for a product is TR(q) = 35q and that the total cost function is TC(q) = 1900 + 15q + 0.01q2. (a) Find the profit from the production and sale of 500 units. 2$ (b) Find the marginal profit function. MP(q)= (c) Find marginal profit at q = 500. Explain what it predicts. The total profit will increase by approximately $ X on the sale of the next (501st) unit. (d) Find P(501) – P(500). $ Explain what this value represents. This is the total profit for 501 units. This is the actual cost of the 501st unit. O This is the actual profit on the sale of the 501st unit. This is the actual revenue on the sale of the 501st unit. This is the total cost of 501 units.

Cost, revenue, and profit are in dollars and q is the number of units. Suppose that the total revenue function for a product is TR(q) = 35q and that the total cost function is TC(q) = 1900 + 15q + 0.01q2. (a) Find the profit from the production and sale of 500 units. 2$ (b) Find the marginal profit function. MP(q)= (c) Find marginal profit at q = 500. Explain what it predicts. The total profit will increase by approximately $ X on the sale of the next (501st) unit. (d) Find P(501) – P(500). $ Explain what this value represents. This is the total profit for 501 units. This is the actual cost of the 501st unit. O This is the actual profit on the sale of the 501st unit. This is the actual revenue on the sale of the 501st unit. This is the total cost of 501 units.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter2: Functions

Section2.4: Average Rate Of Change Of A Function

Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.

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