Suppose it costsc(x) = x³ – 6x? + 15xdollars to produce x radiators when 8 to 10 radiators are produced, and thatr(x) = x – 3x2 + 12xgives the dollar revenue from selling x radiators. Your shop currently produces10 radiators a day. Find the marginal cost and marginal revenue.

Marginal revenue is the additional revenue earned from the sale of an extra unit of output. Marginal…

Answered: Suppose it costs c(x) = x³ – 6x? + 15x…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22: Supply: The Costs Of Doing Business

Section: Chapter Questions

Problem 17E

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Suppose that the marginal revenue for a product is MR = 775 and the marginal cost is MC = 39 times sq. root of x+1, with a fixed cost of $906. Find the profit function, then find the profit or loss fromthe production and sale of 3 units.__________________________________________________
Suppose that the marginal revenue for a product is MR=775 and the marginal cost is MC39sqrt(x+1), with a fixed cost of$906.00 Find the profit or loss from the production and sale of 3 units.
It costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $250. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary. Do not enter a fraction. Only type a whole number (do not type any units on your answer).
Assume that a firm’s marginal revenue curve intersects the rising portion of its marginal cost curve at 500 units of output. At this output level, a profit-maximizing firm’s total cost of production is $1,000. If the price of the product is $5 per unit, the total revenue earned by the firm will be:
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Suppose it costs c(x) = x³ – 6x? + 15x dollars to produce x radiators when 8 to 10 radiators are produced, and that r(x) = x – 3x2 + 12x gives the dollar revenue from selling x radiators. Your shop currently produces 10 radiators a day. Find the marginal cost and marginal revenue.