Answer any one of the following questions. 1. The total cost and revenue are approximated by...

  

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Answer any one of the following questions. 1. The total cost and revenue are approximated by the functions C = 5000 + 2.4x and R = 4x (both in dollars). Identify the fixed costs, marginal cost per item and the price at which the commodity is sold. 2. The revenue from selling x items is R(x) = 500x - x2 and the total cost is C(x) = 150 + 10x. Write a function that gives the total profit earned and the quantity which maximizes the profit. 3. Revenue is given by R(x) = 450x and cost is given by C(x) = 10000 + 3x. At what quantity is profit maximized? What is the total profit at this production level? 4. If C (500) 75 and R (500) = 100, should the quantity produced be increased or decreased form x = 500 in order to increase profits? 5. When production is 2000, marginal revenue is $4 per unit and the marginal cost is $2.35 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Explain. Answer any one of the following questions. 1. The total cost and revenue are approximated by the functions C = 5000 + 2.4x and R = 4x (both in dollars). Identify the fixed costs, marginal cost per item and the price at which the commodity is sold. 2. The revenue from selling x items is R(x) = 500x - x2 and the total cost is C(x) = 150 + 10x. Write a function that gives the total profit earned and the quantity which maximizes the profit. 3. Revenue is given by R(x) = 450x and cost is given by C(x) = 10000 + 3x. At what quantity is profit maximized? What is the total profit at this production level? 4. If C (500) 75 and R (500) = 100, should the quantity produced be increased or decreased form x = 500 in order to increase profits? 5. When production is 2000, marginal revenue is $4 per unit and the marginal cost is $2.35 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Explain.