The cost of producing q units of a good is C(q)=50q+500, and the firm sells q units at p(q)=500-2q. Determine the approximate change in profit when quantity sold changes from 115 to 120. How different is the actual change and the approximate change from each other?

The cost of producing q units of a good is C(q)=50q+500, and the firm sells q units at p(q)=500-2q. Determine the approximate change in profit when quantity sold changes from 115 to 120. How different is the actual change and the approximate change from each other?

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter4: Polynomial And Rational Functions

Section: Chapter Questions

Problem 5T

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Question

The cost of producing ? units of a good is ?(?)=50?+500, and the firm sells ? units at ?(?)=500−2?. Determine the approximate change in profit when quantity sold changes from 115 to 120. How different is the actual change and the approximate change from each other?