Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total revenue function for a product is R(x) = 40x and that the total cost function is C(x) = XXXXXXXXXX20x +...

Cost, revenue, and profit are in dollars and
x
is the number of units.

Suppose that the total revenue function for a product is

R(x) = 40x

and that the total cost function is

C(x) = 2000 + 20x + 0.01x².

(a) Find the profit from the production and sale of 500 units.
$

(b) Find the marginal profit function.

(c) Find

MP

at
x
= 500.

MP =

Explain what it predicts.

The total profit will

by approximately $ on the sale of the next (501st) unit.

(d) Find

P(501) − P(500).

$

Explain what this value represents.

This is the actual profit on the sale of the 501st unit. This is the total profit for 501 units. This is the total cost of 501 units. This is the actual revenue on the sale of the 501st unit. This is the actual cost of the 501st unit.

Jun 04, 2022

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