Economics—Marginal Analysis: For the profit function in Exercise 1, complete the following.
(a) Determine AP, the average profit function. Evaluate and interpret AP(110).
(b) Determine MAP, the marginal profit function. Evaluate MAP(110) and interpret.
Exercise 1
Publishing—Newspaper Profit: Ashton is a newspaper motor courier and determines that the monthly profit from his current newspaper route can be modeled by
where x represents the number of subscribers, and P(x) represents the monthly profit in dollars. Determine MP, the marginal profit function. Evaluate MP(110) and interpret.
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