The marginal profit of a certain commodity is P'(q) = 100 2q when q units are

Question:

The marginal profit of a certain commodity is P'(q) = 100 − 2q when q units are produced. When 10 units are produced, the profit is $700.

a. Find the profit function P(q).

b. What production level q results in maximum profit? What is the maximum profit?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

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

See More Books

Question Posted: Jun 24, 2023 04:41 AM

See More Questions

Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where p = 0.05x + 38. The cost of producing x hundred units is C(x) =...
The cost (in dollars) of producing units of a certain commodity is C(x) = 5000 + 10x + 0.05 x2. (a) Find the average rate of change of C with respect to when the production level is changed (i) From...
The demand function for a certain commodity is p = 5 x/10. Find the consumer surplus when the sales level is 30. Illustrate by drawing the demand curve and identifying the consumer surplus as an...
The specific activity of a preparation consisting of radioactive Co58 as and non-radioactive Co59 ao is equal to 2.2.1012 dis /(s g). The half-life of Co58 as is 71.3 days. Find the ratio of the mass...
Suppose that Wall-E Corp. currently has the following balance sheet, and that sales for the year just ended were $7 million. The firm also has a profit margin of 27 percent, a retention ratio of 20...
Pesci Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating...
On March 13, 1963, Ernesto Miranda was arrested for kidnapping and rape and taken to a Phoenix police station. After being identified by the complaining witness, he was questioned by two police...
Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2014, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made...
The technical support call centre for a software company has a mean wait time of 210 s, with a standard deviation of 40 s. The management team wants to continue to improve customer satisfaction by...
We have learned how companies come up with their interim financial reports. Please pick a publicly traded company of your choice, look up its more recent quarterly report on its website, and comment...
The number of bacteria present in a certain culture after t minutes of an experiment was Q(t) = 2,000e 0.05t . What was the average number of bacteria present during the first 5 minutes of the...
In Exercises 51 through 54, an initial population P 0 is given along with a renewal rate R(t) and a survival function S(t). In each case, use the given information to find the population at the end...
Use the March 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to the...
Why is it important to have written guidelines for the strategic planning process?
Why do organizations repeatedly use growth as a key strategy?
Use class discussion and reading to infer the potential effect of various statements of strategic intent on organizations strategic behavior. a. Choose two for-profit and two not-for profit...
If the buyer decides to terminate a project early, their responsibilities to the contractor are laid out in the projects ________________. a. work breakdown structure (WBS) b. communications plan c....
What methods can a board or strategic planning committee use to increase communication to stakeholders and better understand their needs and perceptions?
Ernest & Julio Gallo Winery (Gallo) is a famous maker of wines located in California. The company registered the trademark Ernest & Julio Gallo in 1964 with the U. S. Patent and Trademark Office. The...
Write the given system without the use of matrices. D) - ()- d (x sin t + 8 (2+ 1)
Based on the sample results in Exercise 10.69, construct and interpret the 95% confidence interval for the population proportion. Is the hypothesized proportion (0.62) within the interval? Given the...
According to the U.S. Bureau of Labor Statistics, 9.0% of working women who are 16 to 24 years old are being paid minimum wage or less. (Note that some workers in some industries are exempt from the...
Using the sample results in Exercise 10.71, construct and interpret the 90% confidence interval for the population proportion. Is the hypothesized population proportion (0.09) within the interval?...
Your privately-held firm specializes in pharmaceuticals (division P) and medical equipment (division Q). Your firm has an exclusive contract to sell pharmaceuticals and medical equipment to hospitals...
How to modify the following algorithms to display the total number of swap operations. The following algorithms are given: def Algorithm_1(lyst): i = 0 while i < len(lyst) - 1: minIndex = i j = i + 1...
Smartphones, tablets, e-readers, and game consoles use operating systems like personal computers. Which operating system is on a phone? What are some of the pros and cons of the smartphone operating...

The marginal profit of a certain commodity is P'(q) = 100 2q when q units are

Question:

Step by Step Answer:

a Since the profit is 700 when 10 units ...View the full answer

Calculus For Business, Economics And The Social And Life Sciences

Students also viewed these Mathematics questions