oduced, while R(q) and C(q) are in total dollars ction. (Be sure to use the proper variable in your imize profits?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter3: Linear And Nonlinear Functions
Section: Chapter Questions
Problem 26MCQ
icon
Related questions
Question
Suppose a company's revenue function is given by R(q) = − q³ + 360q² and its cost function is given by
C(q) = 490+ 15g, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars
of revenue and cost, respectively.
A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your
answer.)
P'(q) =
B) How many items (in hundreds) need to be sold to maximize profits?
Answer:
hundred units must be sold. (Round to two decimal places.)
Transcribed Image Text:Suppose a company's revenue function is given by R(q) = − q³ + 360q² and its cost function is given by C(q) = 490+ 15g, where q is hundreds of units sold/produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. A) Find a simplified expression for the marginal profit function. (Be sure to use the proper variable in your answer.) P'(q) = B) How many items (in hundreds) need to be sold to maximize profits? Answer: hundred units must be sold. (Round to two decimal places.)
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,