Suppose your product sells for $1.20 per unit. The total cost of producing x units is C(x) = 50 + 0.20x + .001x^2 dollars. a.) Find the marginal revenue and marginal profit functions b.) Find the marginal profit when x = 400 c.) What is the approximate profit from selling the 401st unit? d.) Find the value of x for which the marginal profit is zero.
Suppose your product sells for $1.20 per unit. The total cost of producing x units is C(x) = 50 + 0.20x + .001x^2 dollars. a.) Find the marginal revenue and marginal profit functions b.) Find the marginal profit when x = 400 c.) What is the approximate profit from selling the 401st unit? d.) Find the value of x for which the marginal profit is zero.
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.2P
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Suppose your product sells for $1.20 per unit. The total cost of producing x units is C(x) = 50 + 0.20x + .001x^2 dollars.
a.) Find the marginal revenue and marginal profit functions
b.) Find the marginal profit when x = 400
c.) What is the approximate profit from selling the 401st unit?
d.) Find the value of x for which the marginal profit is zero.
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