Chapter 12.4, Problem 14E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

Suppose that the marginal cost for a certain product is given by

(a) Find C(x) and *R(x).*

(b) Graph C(x) and *R(x)* to determine whether a profit can be made.

(c) Determine what level of production yields maximum profit and find the maximum profit (or minimum loss).

**(a)**

To determine

**To calculate:** The value of

Explanation

**Given information:**

The provided marginal cost for the product is given by,

And marginal revenue is given by,

The provided fixed cost for the maximum production of

**Formula used:**

Total Cost:

Where

Total Revenue:

Where

**Calculation:**

Consider the provided marginal cost and marginal revenue,

Consider the formula of revenue function,

Substitute

Substitute

**(b)**

To determine

**To graph:** The function

**(c)**

To determine

The level of production which provides maximum profit and also calculate the maximum profit or loss. Where the marginal cost for the product is provided as

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