Suppose a company's revenue function is given by R(q) = – q³ + 370q² and its cost function is given by C(q) = 530 + 14q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.) MP(q) B) How many items (in hundreds) need to be sold to maximize profits? Answer: hundred units must be sold. (Round to two decimal places.)

Suppose a company's revenue function is given by R(q) = – q³ + 370q² and its cost function is given by C(q) = 530 + 14q, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.) MP(q) B) How many items (in hundreds) need to be sold to maximize profits? Answer: hundred units must be sold. (Round to two decimal places.)

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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