Question

The revenue from selling q items is R(q)=650q−q^2, and the total cost is C(q)=100+11q. Write a...

The revenue from selling q items is R(q)=650q−q^2, and the total cost is C(q)=100+11q. Write a function that gives the total profit earned, and find the quantity which maximizes the profit.

Profit π(q)=

Quantity maximizing profit q=

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Find the quantity which maximizes profit if the total revenue and total cost (in dollars) are...
Find the quantity which maximizes profit if the total revenue and total cost (in dollars) are given by R(q) = 5q -0.004q^2 C(q) = 300 + q where 0 ≤ q ≤ 800 units. What production level gives the minimum profit?
A firm has a revenue function of R(Q) = 110Q – 6Q2and a cost function of...
A firm has a revenue function of R(Q) = 110Q – 6Q2and a cost function of C(Q) = 50 + 20Q + 0.5Q2. a) Calculate the profit maximizing quantity by using the first derivative of the profit function method. 2 points e) Assume the government imposes an fixed setup cost of $50 on the firm. What will the firm’s profit maximizing quantity be? 1 point f) Assume the firm will have the following current and future flows of profit: $150...
The demand for product Q is given by Q = 136 -.4P and the total cost...
The demand for product Q is given by Q = 136 -.4P and the total cost of Q by: STC = 3000 + 40Q - 5Q^2 + 1/3Q^3 A. Find the price function and then the TR function. See Assignment 3 or 4 for an example. B. Write the MR and MC functions below. Remember: MR = dTR/dQ and MC = dSTC/dQ. See Assignment 5 for a review of derivatives. C.What positive value of Q will maximize total profit?  Remember, letting...
A company's revenue from selling x items is given by the function R(x)=44x and it's from...
A company's revenue from selling x items is given by the function R(x)=44x and it's from selling x items is given by the function C(x)=x2+384. Which of the following statements about their profitability is true? The company must sell at least 2 and at most 12 items to make a profit. The company must sell at least 5 and at most 20 items to make a profit. The company must sell at least 10 and at most 28 items to...
Consider the following total cost function for an individual firm: C(q) = 10+ q + (1/4)q^2...
Consider the following total cost function for an individual firm: C(q) = 10+ q + (1/4)q^2 The industry demand is estimated to be: Q = 100 - P 1) Now suppose there is a monopolist facing the industry demand. Write down the monopolist's pro t function. 2) What is the equation of the monopolists marginal revenue function? Also, explain how the monopolist's marginal revenue function differs from the marginal revenue function of a firm in a long-run perfectly competitive market....
Write a word story for this problem If total revenue received from the sale of x...
Write a word story for this problem If total revenue received from the sale of x items is given by R(x) =10ln(3x+1) while the total cost to produce x items is C(X) =X/3 find the following. ​(a) The marginal revenue ​(b) The profit function​ P(x) ​(c) The marginal profit when X=30 ​(d) Interpret the results of part​ (c).
The Pampered Pig, purveyors of premium pork products, estimate that the total cost of producing ?q...
The Pampered Pig, purveyors of premium pork products, estimate that the total cost of producing ?q pounds of their Premier Pork Packed Potatoes is estimated by the function C(q) = q^2 + 4q + 100 and p(q) = 100 - 2q is the price at which all units of their premier pork packed potatoes will be sold. a. Find the revenue function. b. Find the profit function. c. Find the marginal revenue function. d. Find the marginal cost function. e....
The cost function for producing x items is C(x) = 45000 + 25x - 0.10x^2. The...
The cost function for producing x items is C(x) = 45000 + 25x - 0.10x^2. The revenue function R(x) = 750 - 0.60x^2. a.Determine the production cost for the first 500 items. b.The marginal cost function. c.How fast is the cost growing when production is at 500 units. d.The average cost per item for the first 500 items. e.The marginal revernue function R'(x). f.The profit function. g.The marginal profit function. h.What production level maximizes revenue.
If a company's cost function for a product is C(q) = 2280 + 3.8q + 0.004q2...
If a company's cost function for a product is C(q) = 2280 + 3.8q + 0.004q2 and the revenue function is R(q) = 12.2q − 0.002q2, find the production level that maximizes profit. ................................. units
Suppose the cost of producing q unit is c(q)=500-4q+q2 and the demand function is given by...
Suppose the cost of producing q unit is c(q)=500-4q+q2 and the demand function is given by p=14-2q A) Develop the total revenue, total cost (if not given), and profit functions. Explain these functions in few sentences. B) Compute the point elasticity of demand. C) Find the intervals where the demand is inelastic, elastic, and the price for which the demand is unit elastic. D) Find the quantity that maximizes the total revenue and the corresponding price. Interpret your result. E)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT