Question:

Can you please show all work so I'm able to understand how you got the answers. thank you

1. The production cost for Jason's specialty brewer is given by: C(x) = 4000-32x+0.08x^2+0.00006x^3

and the demand function for the beer is given by, p(x) = 250+0.02x-0.001x^2

What is the marginal cost, marginal revenue and marginal profit whenx=200andx=400?What do these numbers tell you about the cost, revenue and profit?

2. Terrence Wales described the demand for distilled spirits as q=f(p) = -0.00375p+7.87 A. Where p represents the retail price of a case of liquor in dollars per case. Here q represents the average number of cases purchased per year by a consumer. Calculate and interpret the elasticity of demand when p=$118.30

B. Assume the demand for a product is q=216-2p^2,where p is the price in dollars. At what price does the demand have unit elasticity, and is the product elastic or inelastic when p=10?