Chapter 12.4, Problem 9E

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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 revenue for a product is

(a) Find the profit or loss from the production and sale of 5 units.

(b) How many units will result in a maximum profit?

**(a)**

To determine

**To calculate:** The profit or loss from the production and sale of

Explanation

**Given information:**

The marginal revenue for a product is

Marginal cost of the product is

Fixed cost is $1,000.

**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,

Now, consider the formula of cost function:

Substitute

**(b)**

To determine

**To calculate:** The number of units that will result in maximum profit if the marginal revenue for a product is

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