BuyFindarrow_forward

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

Solutions

Chapter
Section
BuyFindarrow_forward

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

In Problems 1-12, cost, revenue, and profit are in dollars and x is the number of units.

Suppose that the marginal cost for a product is M C ¯ = 60 x + 1 and its fixed cost is $340. If the marginal revenue for the product is M R ¯ = 80 x , find the profit or loss from production and sale of (a) 3 units. (b) 8 units.

(a)

To determine

To calculate: The profit or loss from the production and sale of 3 units if the marginal revenue for a product is MR¯=80x and marginal cost of the product is MC¯=60x+1 and the fixed cost is $340.

Explanation

Given information:

The marginal revenue for a product is MR¯=80x and

Marginal cost of the product is MC¯=60x+1 and

The fixed cost is $340.

Formula used:

Total Cost:

C(x)=MC¯dx

Where MC¯ is defined as the marginal cost.

Total Revenue:

R(x)=MR¯dx

Where MR¯ is defined as the marginal revenue.

Profit:

The profit function P(x) is defined as the revenue function R(x) minus the cost function C(x)

P(x)=R(x)C(x)

Integral formula,

xndx=xn+1n+1+K

Calculation:

Consider the provided data,

The marginal cost:

MC¯=60x+1

And marginal revenue MR¯=80x

Consider the formula of revenue function:

R(x)=MR¯dx

Substitute 80x for MR¯ in the equation R(x)=MR¯dx and evaluate by the use of the formula, xndx=xn+1n+1+K

As,

R(x)=80xdx=40x2

Consider the formula of cost function:

C(x)=MC¯dx

Substitute 60x+1 for MC¯ in above equation C(x)=MC¯

(b)

To determine

To calculate: The profit or loss from the production and sale of 8 units if the marginal revenue for a product is MR¯=80x and marginal cost of the product is MC¯=60x+1 and the fixed cost is $340.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 12 Solutions

Show all chapter solutions add
Sect-12.1 P-9ESect-12.1 P-10ESect-12.1 P-11ESect-12.1 P-12ESect-12.1 P-13ESect-12.1 P-14ESect-12.1 P-15ESect-12.1 P-16ESect-12.1 P-17ESect-12.1 P-18ESect-12.1 P-19ESect-12.1 P-20ESect-12.1 P-21ESect-12.1 P-22ESect-12.1 P-23ESect-12.1 P-24ESect-12.1 P-25ESect-12.1 P-26ESect-12.1 P-27ESect-12.1 P-28ESect-12.1 P-29ESect-12.1 P-30ESect-12.1 P-31ESect-12.1 P-32ESect-12.1 P-33ESect-12.1 P-34ESect-12.1 P-35ESect-12.1 P-36ESect-12.1 P-37ESect-12.1 P-38ESect-12.1 P-39ESect-12.1 P-40ESect-12.1 P-41ESect-12.1 P-42ESect-12.1 P-43ESect-12.1 P-44ESect-12.1 P-45ESect-12.1 P-46ESect-12.1 P-47ESect-12.1 P-48ESect-12.1 P-49ESect-12.1 P-50ESect-12.1 P-51ESect-12.1 P-52ESect-12.1 P-53ESect-12.1 P-54ESect-12.1 P-55ESect-12.1 P-56ESect-12.2 P-1CPSect-12.2 P-2CPSect-12.2 P-3CPSect-12.2 P-4CPSect-12.2 P-1ESect-12.2 P-2ESect-12.2 P-3ESect-12.2 P-4ESect-12.2 P-5ESect-12.2 P-6ESect-12.2 P-7ESect-12.2 P-8ESect-12.2 P-9ESect-12.2 P-10ESect-12.2 P-11ESect-12.2 P-12ESect-12.2 P-13ESect-12.2 P-14ESect-12.2 P-15ESect-12.2 P-16ESect-12.2 P-17ESect-12.2 P-18ESect-12.2 P-19ESect-12.2 P-20ESect-12.2 P-21ESect-12.2 P-22ESect-12.2 P-23ESect-12.2 P-24ESect-12.2 P-25ESect-12.2 P-26ESect-12.2 P-27ESect-12.2 P-28ESect-12.2 P-29ESect-12.2 P-30ESect-12.2 P-31ESect-12.2 P-32ESect-12.2 P-33ESect-12.2 P-34ESect-12.2 P-35ESect-12.2 P-36ESect-12.2 P-37ESect-12.2 P-38ESect-12.2 P-39ESect-12.2 P-40ESect-12.2 P-41ESect-12.2 P-42ESect-12.2 P-43ESect-12.2 P-44ESect-12.2 P-45ESect-12.2 P-46ESect-12.2 P-47ESect-12.2 P-48ESect-12.2 P-49ESect-12.2 P-50ESect-12.2 P-51ESect-12.2 P-52ESect-12.2 P-53ESect-12.2 P-54ESect-12.3 P-1CPSect-12.3 P-2CPSect-12.3 P-3CPSect-12.3 P-1ESect-12.3 P-2ESect-12.3 P-3ESect-12.3 P-4ESect-12.3 P-5ESect-12.3 P-6ESect-12.3 P-7ESect-12.3 P-8ESect-12.3 P-9ESect-12.3 P-10ESect-12.3 P-11ESect-12.3 P-12ESect-12.3 P-13ESect-12.3 P-14ESect-12.3 P-15ESect-12.3 P-16ESect-12.3 P-17ESect-12.3 P-18ESect-12.3 P-19ESect-12.3 P-20ESect-12.3 P-21ESect-12.3 P-22ESect-12.3 P-23ESect-12.3 P-24ESect-12.3 P-25ESect-12.3 P-26ESect-12.3 P-27ESect-12.3 P-28ESect-12.3 P-29ESect-12.3 P-30ESect-12.3 P-31ESect-12.3 P-32ESect-12.3 P-33ESect-12.3 P-34ESect-12.3 P-35ESect-12.3 P-36ESect-12.3 P-37ESect-12.3 P-38ESect-12.3 P-39ESect-12.3 P-40ESect-12.3 P-41ESect-12.3 P-42ESect-12.3 P-43ESect-12.3 P-44ESect-12.3 P-45ESect-12.3 P-46ESect-12.3 P-47ESect-12.3 P-48ESect-12.3 P-49ESect-12.3 P-50ESect-12.3 P-56ESect-12.4 P-1CPSect-12.4 P-2CPSect-12.4 P-3CPSect-12.4 P-4CPSect-12.4 P-1ESect-12.4 P-2ESect-12.4 P-3ESect-12.4 P-4ESect-12.4 P-5ESect-12.4 P-6ESect-12.4 P-7ESect-12.4 P-8ESect-12.4 P-9ESect-12.4 P-10ESect-12.4 P-11ESect-12.4 P-12ESect-12.4 P-13ESect-12.4 P-14ESect-12.4 P-15ESect-12.4 P-16ESect-12.4 P-17ESect-12.4 P-18ESect-12.4 P-19ESect-12.4 P-20ESect-12.4 P-21ESect-12.4 P-23ESect-12.4 P-24ESect-12.4 P-26ESect-12.5 P-1CPSect-12.5 P-2CPSect-12.5 P-3CPSect-12.5 P-1ESect-12.5 P-2ESect-12.5 P-3ESect-12.5 P-4ESect-12.5 P-5ESect-12.5 P-6ESect-12.5 P-7ESect-12.5 P-8ESect-12.5 P-9ESect-12.5 P-10ESect-12.5 P-11ESect-12.5 P-12ESect-12.5 P-13ESect-12.5 P-14ESect-12.5 P-15ESect-12.5 P-16ESect-12.5 P-17ESect-12.5 P-18ESect-12.5 P-19ESect-12.5 P-20ESect-12.5 P-21ESect-12.5 P-22ESect-12.5 P-23ESect-12.5 P-24ESect-12.5 P-25ESect-12.5 P-26ESect-12.5 P-27ESect-12.5 P-28ESect-12.5 P-29ESect-12.5 P-30ESect-12.5 P-31ESect-12.5 P-32ESect-12.5 P-33ESect-12.5 P-34ESect-12.5 P-35ESect-12.5 P-36ESect-12.5 P-37ESect-12.5 P-38ESect-12.5 P-39ESect-12.5 P-40ESect-12.5 P-41ESect-12.5 P-42ESect-12.5 P-43ESect-12.5 P-44ESect-12.5 P-45ESect-12.5 P-46ESect-12.5 P-47ESect-12.5 P-48ESect-12.5 P-49ESect-12.5 P-50ESect-12.5 P-51ESect-12.5 P-52ESect-12.5 P-53ESect-12.5 P-54ESect-12.5 P-55ESect-12.5 P-56ESect-12.5 P-57ESect-12.5 P-58ECh-12 P-1RECh-12 P-2RECh-12 P-3RECh-12 P-4RECh-12 P-5RECh-12 P-6RECh-12 P-7RECh-12 P-8RECh-12 P-9RECh-12 P-10RECh-12 P-11RECh-12 P-12RECh-12 P-13RECh-12 P-14RECh-12 P-15RECh-12 P-16RECh-12 P-17RECh-12 P-18RECh-12 P-19RECh-12 P-20RECh-12 P-21RECh-12 P-22RECh-12 P-23RECh-12 P-24RECh-12 P-25RECh-12 P-26RECh-12 P-27RECh-12 P-28RECh-12 P-29RECh-12 P-30RECh-12 P-31RECh-12 P-32RECh-12 P-33RECh-12 P-34RECh-12 P-35RECh-12 P-36RECh-12 P-37RECh-12 P-38RECh-12 P-39RECh-12 P-40RECh-12 P-41RECh-12 P-42RECh-12 P-43RECh-12 P-44RECh-12 P-45RECh-12 P-46RECh-12 P-47RECh-12 P-48RECh-12 P-49RECh-12 P-1TCh-12 P-2TCh-12 P-3TCh-12 P-4TCh-12 P-5TCh-12 P-6TCh-12 P-7TCh-12 P-8TCh-12 P-9TCh-12 P-10TCh-12 P-11TCh-12 P-12TCh-12 P-13TCh-12 P-14TCh-12 P-15TCh-12 P-16TCh-12 P-17TCh-12 P-18TCh-12 P-19TCh-12 P-20TCh-12 P-21TCh-12 P-22T

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

2x2 + 8x + 7 = 0

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Find f. f(t) = 2t 3 sin t, f(0) = 5

Single Variable Calculus: Early Transcendentals, Volume I

Prove the commutative law for disjunction, pqqp.

Finite Mathematics for the Managerial, Life, and Social Sciences

Proof Prove the difference, product, and quotient properties in Theorem 2.15.

Calculus: Early Transcendental Functions (MindTap Course List)

True or False: is a convergent series.

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Using for |x| < 1 and differentiation, find a power series for .

Study Guide for Stewart's Multivariable Calculus, 8th

Describe the major elements of the APA ethical guidelines for nonhuman subjects in research.

Research Methods for the Behavioral Sciences (MindTap Course List)