Question
b. Find the marginal cost, marginal revenue, and marginal profit when 70 parkas
are produced and sold using the formulas
,
and
.
Marginal cost:
Marginal revenue:
Marginal profit:
c. Use derivatives to estimate the marginal cost, marginal revenue, and marginal
profit when 70 parkas are produced and sold.
Marginal cost:
Marginal revenue:
are produced and sold using the formulas
and
Marginal cost:
Marginal revenue:
Marginal profit:
c. Use derivatives to estimate the marginal cost, marginal revenue, and marginal
profit when 70 parkas are produced and sold.
Marginal cost:
Marginal revenue:
Ask by Collins Fernandez. in the United States
Nov 06,2024
Upstudy AI Solution
Tutor-Verified Answer
Answer
Marginal profit when 70 parkas are produced and sold is $-1.2. For marginal cost and revenue using derivatives, we need the specific functions for cost and revenue.
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When calculating the marginal profit, you can find it by subtracting the marginal cost from the marginal revenue. Using the provided values:
. Therefore, with a marginal cost of
and marginal revenue of
, the marginal profit would be
. So, the marginal profit is
.
To estimate the marginal cost, revenue, and profit using derivatives, recall that the derivative gives the rate of change at a point. If
represents the derivative of the cost function,
for revenue, and
for profit, you’d evaluate these derivatives at
. Assuming you’ve derived these functions prior to this, substituting
will yield the estimates for marginal cost and marginal revenue at that production level; however, you’ll need their specific expressions to perform the calculation.