Question

DETAILS HARMATHAPBR1 9.9.008. Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function for a product is R(x) = 55x and that the total cost function is c(X) - 1700 + 35x + 0.01x2. (a) Find the profit from the production and sale of 500 units. $ (b) Find the marginal profit function. (c) Find MP at x = 500. on the sale of the next (501st) unit. Explain what it predicts. The total profit will ---Select- v by approximately $ -Select (d) Find P(501) - P(500). increase $ decrease Explain what this value represents. This is the total profit for 501 units. This is the actual revenue on the sale of the 501st unit. This is the actual cost of the 501st unit. This is the actual profit on the sale of the 501st unit, This is the total cost of 501 units.

Answer 1

Profft function P(x) = R(2) - CC) = 550-1700-352-0.0122 = -0.01 22204-1700 a) p (500) = -0.011500) +20/500)-1700 - 5800 b) Marginal Proght po 2-0.02x+20 = MP(X) MPC) 0-021500 )+20 = 10 Cat 2-500 MPG) = Average Manginal profit = MP(x) 0-02- 500 -0.02+ 20 MP(500)= -0.02+ 20 The total proplét Increase by approximately lo on the sale of next solst unit. d) pcsol – peto)= -0.01 (5013++ 20 (501)-1700-(-0.01650030+ 20 (500)-1700 29.99. ulo el option (d