Explanation Given information: The fixed cost of the production item is C ( 0 ) = 10 , 000 and the variable cost is $2 per item. Formulas used: The profit π ( q ) is the difference between the revenue, R ( q ) , and the cost, C ( q ) , of supplying that quantity. ⇒ π ( q ) = R ( q ) − C ( q ) The revenue is given by R = q To determine (b) To express: Q as a function of price p. To determine (c) To express: The profit earned as a function of q.

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Concept explainers

Sequence and Series

A sequence is defined as a collection of things. Series is defined to sum the things one by one in the sequence. It was invented by German mathematician Carl Friedrich Gauss.

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Question

Chapter 4.4, Problem 25P

To determine

(a)

To express:

The cost, C, of producing q items.

To determine

(b)

To express:

Q as a function of price p.

To determine

(c)

To express:

The profit earned as a function of q.

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Chapter 4.4, Problem 24P

Chapter 4.4, Problem 26P

Chapter 4 Solutions

EBK APPLIED CALCULUS, ENHANCED ETEXT

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