Chapter 12.4, Problem 10E

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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

**(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

Explanation

**Given information:**

The marginal revenue for a product is

Marginal cost of the product is

The fixed cost is $340.

**Formula used:**

Total Cost:

Where

Total Revenue:

Where

Profit:

The profit function

Integral formula,

**Calculation:**

Consider the provided data,

The marginal cost:

And marginal revenue

Consider the formula of revenue function:

Substitute

As,

Consider the formula of cost function:

Substitute

**(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

Sect-12.1 P-1CPSect-12.1 P-2CPSect-12.1 P-1ESect-12.1 P-2ESect-12.1 P-3ESect-12.1 P-4ESect-12.1 P-5ESect-12.1 P-6ESect-12.1 P-7ESect-12.1 P-8E

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