# In Exercises 17 through 22, you are given the price p(q) at which q units of a particular commodity can

## Question:

In Exercises 17 through 22, you are given the price p(q) at which q units of a particular commodity can be sold and the total cost C(q) of producing the q units. In each case:

(a) Find the revenue function R(q), the profit function P(q), the marginal revenue R'(q), and marginal cost C'(q). Sketch the graphs of P(q), R'(q), and C'(q) on the same coordinate axes and determine the level of production q where P(q) is maximized.

(b) Find the average cost A(q) = C(q)/q , and sketch the graphs of A(q), and the marginal cost C'(q) on the same axes. Determine the level of production q at which A(q) is minimized.

p(q) = 710 − 1.1q2; C(q) = 2q3 − 23q2 + 90.7q + 151

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Related Book For ## Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

Question Details
Chapter # 3- Additional Applications of the Derivative
Section: Exercises 3.4
Problem: 20
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