Suppose you run a manufacturing business which produces and sells a single product. The total fixed...
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Suppose you run a manufacturing business which produces and sells a single product. The total fixed costs to start your business is $1000. The marginal cost is $60, which is the expense incurred for cach unit of output. The price for each unit of your product in the competitive market is $80. (a) What is your total revenue R(x) if you are producing x units of the product? (b) What is your total cost C(x) if you are producing x units of the product? are (c) Find your profit function (x). Suppose you run a manufacturing business which produces and sells a single product. The total fixed costs to start your business is $1000. The marginal cost is $60, which is the expense incurred for cach unit of output. The price for each unit of your product in the competitive market is $80. (a) What is your total revenue R(x) if you are producing x units of the product? (b) What is your total cost C(x) if you are producing x units of the product? are (c) Find your profit function (x).
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