Question: Consider the cost function C x 7x2 12x 24 thousand dollars a What is the marginal cost at production level x 5 b Use the

Consider the cost function C x 7x2 12x 24 thousand dollars a What is the marginal cost at production level x 5 b Use the marginal cost at x 5 to estimate the cost of producing 5 50 units c Let R x x 41x 36 denote the revenue in thousands of dollars generated from the production of x units What is the break even point Recall that the break even point is when the revenue is equal to the cost d Compute and compare the marginal revenue and marginal cost at the break even point Should the company increase production beyond the break even point a The marginal cost at production level x 5 is C

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!

Consider the marginal cost function C x 400 12x 0 03x a Find the additional cost incurred in dollars when production is increased from 150 units to 200 units b Find the additional cost incurred in...

A manufacturer has a monthly fixed cost of $28,500 and a production cost of $8 for each unit produced. The product sells for $11/unit. Find the following functions (in dollars) and compute each...

HERES MY GUIDE FOR MY QUESTIONS Model Development Models Used in Economics Cost function C (x) 3?- is the cost of producing x units of the commodity. Revenue function R(x) )'v' is the revenue...

help please Au eCampus | Adelphi Univers x Course: MTH 110-003 - Fal x \\ MTH 110-003 - Fall 2021: P x Course: MTH 110-003 - Fax YA MTH 110 Quiz #1 - Chapter x | Graph piecewise-defined ( x +...

need help with the following with explanation F Section 3.2 Assignment Question 1 of 14 View Policies Current Attempt in Progress For the cost function C = 3000 + 200 In q (in dollars), find the cost...

please help 20 Southern New Hampshire University - estion 6: (6 points) Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost...

(9 points) The average cost (in dollars per item) to produce a items is given by C(x) = 0.04x2 - 1.2x + 13, for z > 0. (a) What is the total cost, C(a), of producing a goods? C(a) = dollars. (b) Find...

Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing z items. An important...

Please help solve and explain Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing w...

!Macroeconomic expert please.. Consider a homogeneous good industry (such as an agricultural product) with just two firms and a total market demand Q = 400-P, so the inverse demand is P = 400 - Q....

Fyre, Inc., has sales of $625,000, costs of $260,000, depreciation expense of $79,000, interest expense of $43,000, and a tax rate of 35 percent. What is the net income for this firm?

Given the database schema R (a, b, c), and a relation r on the schema R, write an SQL query to test whether the functional dependency b c holds on relation r. Alsowrite an SQL assertion that...

17. Technological Change and Unemployment What are some examples of technological changes that have caused unemployment? And what are some examples of new technologies that have created jobs? How do...

A hula hoop and solid disc of equal radii are rolled, from rest and without slipping, down an incline plane. Which one will reach the bottom of the inclined plane first? Explain.

Refer to the data in 6-9. The company has decided to use the sequential method of alloca tion instead of the direct method. Required: 1. Allocate the overhead costs to the producing departments using...

Refer to 6-14. Assume that during the year, the accounting support center incurred actual fixed costs of $43,000 and actual variable costs of $34,500. It delivered 2,300 hours of ac counting...

Happy Housekeepers, Inc., has two offices in the Pacific Northwest, one in Portland and one in Spokane. The owner of Happy Housekeepers centralized the accounting function in the Portland office and...