If the cost function in dollars for q units of the item in Exercise 71 is C(q)
Question:
If the cost function in dollars for q units of the item in Exercise 71 is C(q) = 100q + 100, find the following.
(a) The marginal cost
(b) The profit function P(q)
(c) The approximate profit from one more unit when 8 units are sold
(d) How might a manager use the information from part (c)?
Data from Exercise 71
Suppose the demand function for q units of a certain item is
where p is in dollars.
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Cq 100q 100 a The marginal cost is given by Cq Cq 100 b c The profit ...View the full answer
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