Homework Help is Here – Start Your Trial Now!
Business
Economics
Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function is given by R(x) = 48x and that the total cost function is given by C(x) = 70 + 29x + 0.1x². (a) Find P(100). P(100) = | (b) Find the marginal profit function MP. MP = (c) Find MP at x = 100. MP(100) = | %3D Explain what it predicts. O At x = 100, MP(100) predicts that profit will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that cost will decrease by MP(100)| dollars. O At x = 100, MP(100) predicts that cost will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that profit will decrease by |MP(100)| dollars. (d) Find P(101) – P(100). Explain what this value represents. O The sale of the 100th unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will increase profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 100th unit will increase profit by JP(101) – P(100)| dollars.

Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function is given by R(x) = 48x and that the total cost function is given by C(x) = 70 + 29x + 0.1x². (a) Find P(100). P(100) = | (b) Find the marginal profit function MP. MP = (c) Find MP at x = 100. MP(100) = | %3D Explain what it predicts. O At x = 100, MP(100) predicts that profit will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that cost will decrease by MP(100)| dollars. O At x = 100, MP(100) predicts that cost will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that profit will decrease by |MP(100)| dollars. (d) Find P(101) – P(100). Explain what this value represents. O The sale of the 100th unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will increase profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 100th unit will increase profit by JP(101) – P(100)| dollars.

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.2P
See similar textbooks
icon
Related questions
Question

20. 

Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function is given by R(x) = 48x and that the total cost function is given by C(x) = 70 + 29x + 0.1x2. (a) Find P(100). P(100) = (b) Find the marginal profit function MP. MP = (c) Find MP at x = 100. MP(100) = Explain what it predicts. O At x = 100, MP(100) predicts that profit will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that cost will decrease by |MP(100)| dollars. At x = 100, MP(100) predicts that cost will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that profit will decrease by |MP(100)| dollars. (d) Find P(101) – P(100). $ Explain what this value represents. O The sale of the 100th unit will decrease profit by |P(101) – P(100)| dollars. The sale of the 101st unit will increase profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 100th unit will increase profit by JP(101) – P(100)| dollars.
Transcribed Image Text:Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function is given by R(x) = 48x and that the total cost function is given by C(x) = 70 + 29x + 0.1x2. (a) Find P(100). P(100) = (b) Find the marginal profit function MP. MP = (c) Find MP at x = 100. MP(100) = Explain what it predicts. O At x = 100, MP(100) predicts that profit will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that cost will decrease by |MP(100)| dollars. At x = 100, MP(100) predicts that cost will increase by |MP(100)| dollars. O At x = 100, MP(100) predicts that profit will decrease by |MP(100)| dollars. (d) Find P(101) – P(100). $ Explain what this value represents. O The sale of the 100th unit will decrease profit by |P(101) – P(100)| dollars. The sale of the 101st unit will increase profit by |P(101) – P(100)| dollars. O The sale of the 101st unit will decrease profit by |P(101) – P(100)| dollars. O The sale of the 100th unit will increase profit by JP(101) – P(100)| dollars.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Current Account
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS