The cost function in thousands of dollars of producing 'x' units of a certain commodity is...
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The cost function in thousands of dollars of producing 'x' units of a certain commodity is given by C(x) = 5x2 +12x - 104 and the revenue function in thousand dollars is given by R(x) = - x2 + 42x - 20 a) Find the break even point. (1 mark) b) Write the values of marginal cost and revenue at break-even point and comment, "should the production be increased beyoud break-even point"? (2 marks) (Note: Marks will be deducted for not mentioning the units) The cost function in thousands of dollars of producing 'x' units of a certain commodity is given by C(x) = 5x2 +12x - 104 and the revenue function in thousand dollars is given by R(x) = - x2 + 42x - 20 a) Find the break even point. (1 mark) b) Write the values of marginal cost and revenue at break-even point and comment, "should the production be increased beyoud break-even point"? (2 marks) (Note: Marks will be deducted for not mentioning the units)
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a The break even point is the point where cost is equal to revenue so Cx R... View the full answer
Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Posted Date:
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