Question: 1)A company's cost function is C(q) = 2320 + 3.8q + 0.004q^2 and their revenue function isR(q) = 12.2q 0.002q^2. What is the production level

1)A company's cost function is C(q) = 2320 + 3.8q + 0.004q^2 and their revenue function isR(q) = 12.2q 0.002q^2.

What is the production level that maxizes profit?

2) At what unit does this cost function start increasing? (Hint: It is not 80,000) C(q) = 0.001q^3 0.75q^2 + 456q + 80,000

3) Fabric has a cost function of C(x)=1800+12x-0.1x^2+0.0005x^3 and the company charches p(x)=30-0.00021x dollars per yard. The estimated maximum production level is 202 but what is the approximate maximum production level?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Answer this questions by providing the corect answers. (a) Using the numbers in the graph, identify each of the following. (i) The profit-maximizing output quantity (ii) The profit-maximizing price...

please solve the attached questions mountWM You have been hired by Kia as manager for its Paldstan operations. Assume following is the short-run production function at their asserolilyr plant outside...

please solve the questions of Managerial Economics mountWM You have been hired by Kia as manager for its Paldstan operations. Assume following is the short-run production function at their...

PLEASE SOLVE THE FOLLOWING QUESTION mountWM You have been hired by Kia as manager for its Paldstan operations. Assume following is the short-run production function at their asserolilyr plant outside...

NEED HELP WITH THIS CALCULUS PROBLEMS. SHOW COMPLETE SOLUTIONS PLEASE. Show complete solution for the following problems. 1. A firm's marginal cost function is MC = 6Q? - 2Q + 80, and the marginal...

Part one Explain the following. 1. Compared with a perfectively competitive market a monopoly is inefficient because a. it raises the market price above marginal cost and produces a smaller output....

Please help me to answer the following: 1.Economic profits are: a.Total revenue minus total cost b.Marginal revenue minus marginal cost c.Total revenue minus total opportunity cost d.Total profits of...

Assignment questions The questions in this section contribute to your assignment grade. Starred questions are at the level of exam questions. Notes: . There are notes on this application on the...

Question 1: Given the following cost function: TC = 1500 + 15Q - 6Q 2 + Q3 i. Determine the total fixed cost for producing 1000 units of output and 500 units of output. ii. What is AFC at: a) 1000...

Company X sells a new product for $2.22 per item. The fixed cost and variable cost of the product are $100 and $(0.85+0.005q) respectively, where q is the quantity of items produced. a. Express the...

Many processors provide logic for performing arithmetic on packed decimal numbers. Although the rules for decimal arithmetic are similar to those for binary operations, the decimal results may...

Assume that each employee contrnibutes $14 per week for union dues. The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings records as well as daily time...

October 1 , 2 0 x 8 , a company took about a 9 month loan for $ 2 0 , 0 0 0 at an annual interest rate of 8 % . Interest payments are made every three months on the last day of the month and...

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.