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Economics—Marginal Analysis: The NewJoy toy company hires an accounting firm to audit thei...

Economics—Marginal Analysis: The NewJoy toy company hires an accounting firm to audit their books and revises their price-demand and cost functions to p(x) = 23 and , respectively.

(a) Derive and algebraically simplify the profit function P(x ).
(b) Evaluate P(500) and interpret.
(c) Evaluate MP(500) and interpret.

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Solutions For Problems in Chapter 3.5

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