Chapter 12, Problem 19T

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

Suppose that the marginal cost for *x* units of a product is

To determine

**To calculate:** The profit function where the marginal cost of production is

Explanation

**Given information:**

It is provided that the marginal cost of production is

**Formula used:**

Total Cost:

Where

Total Revenue:

Where

Profit:

The profit function

**Calculation:**

Consider the marginal cost and marginal revenue,

Consider the formula of revenue function,

Substitute

Consider the formula of cost function,

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