Fixed Cost Marginal Cost per item Item Sells For $600 $13 $35 Find the following. (a) the cost function (b) the revenue function (c) the profit function (d) the profit on 98 items
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- C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a) Find a formula for the marginal cost. (b) Find C'(0). Give units. (c) Graph the marginal cost function. Use your graph to find the minimum marginal cost, the production level for which the marginal cost is the smallest. (d) For what value of x does the marginal cost return to C'(0)? (a) Find a formula for the marginal cost. c'(x) =D (b) Find C'(0). Give units. c'(0) = (c) Use the derivative of the marginal cost function to find the minimum marginal cost, the production level for which the marginal cost is the smallest. The minimum marginal cost of additional dollars per item produced occurs when thousand items are produced. d) Recall your answer to part b. For what value of x does the marginal cost return to C'(0)? Marginal cost returns to this value of C (x) when x = items are produced.Cecil Green sells golf shirts. He knows that most people will not pay more than $40 for a golf shirt. Cecil needs a 35% markup on cost. What is the maximum Cecil should pay for his golf shirts? I need help working this problem out. I know the answer is $29.63 but I need it explain to me in detail how to come up with this answer so I know how to work it out on my midterm Tuesday. Please helpThe total cost (in dollars) of producing x food processors is C(x) = 1600 + 40x-0.1x². (A) Find the exact cost of producing the 61st food processor. (B) Use the marginal cost to approximate the cost of producing the 61st food processor. CHEO (A) The exact cost of producing the 61st food processor is $ (B) Using the marginal cost, the approximate cost of producing the 61st food processor is $
- If total revenue is $3500 and the price per unit is $70 Calculate outputIt costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake issold for $4.90 each.(i) Make a table showing the total cost and the revenue obtained from producing 20,40,60,80 and 100 cupcakes.(ii) Write algebraic expressions representing the cost C and the revenue R as functions of the number of cupcakes X produced and number of cupcakes X sold respectively.(iii) Graph both functions on the same coordinate axes and from your graph determine the cordinate at which cost equals revenue.(b) A firm has an average cost function A(q) = 125 q + q 2 16 − 4. where q is the firm′ s output. (i) Determine the level of output for average costs are minimum. (ii) Hence determine the range of values for which average costs are decreasing. (iii) What part of the decreasing range is practically feasible? (iv) Write an equation for the total cost function. (v) Hence calculate the level of output for which total costs are minimum. Can I get the answer for (iv) and (v) please
- these are the drop down options Washes per hour dollarsOutput Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Cost (AC) Marginal Cost (MC) 0 200 - 1 40 2 44 3 330 4 50 90 5 37(b) The total revenue curve of a firm is R(q) = 40q – 12q² and its q- 12.85q + 20 + 30 400 where q is the firm's output. average cost A(q) Derive an expression C(q) for the firm's total cost function. Derive an expression II(q) for the firm's profit function. iii. Is the rate of change of profit increasing or decreasing when the ouput level of the firm is 10 units? iv. Determine the level of output for which the firm's profit is maximize v. What is the firms's maximum profit? i. ii.
- Please I need help on the math question I don't ge it Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x3+0.07x2+15x+600, and currently 35 chairs are produced monthly. a) What is the current monthly cost? b) What is the marginal cost when x=35? c) Use the result from part (b) to estimate the monthly cost of increasing production to 37 chairs per month. d) What would be the actual additional monthly cost of increasing production to 37 chairs monthly?The''Sad Student'' Company finds that it costs a total of (q)=9720+500q-1.5q^(2)+0.005q^(3) Dollars to produce q lots of its latest board game named ''Calculus Teacher Shooter'' each lot of 100 games. A)Analyze the behavior of cost function. B)Interpret the constant term in the expression C C)Analyze the behavior of the marginal cost as a function of the output q. D)Interpret the effect of the constant term in the expression of total cost function on marginal cost function. E)Analyze the behavior average cost funtion. F)Analyze interaction of marginal cost and average cost numerically; and derive the formula of this relationship with respect to relevant mathematical economics theory and interpret your formula.The total revenue and total cost functions are given as TR=500-0.000250² TC = 361250+5Q+0.00020² What is the profit maximizing quantity? Answer Choices: a. 43675 b. 30,000 c. 40,000 d. 50,000