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Find the marginal cost at 20 pounds of recycled plastic

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Problem: In Chapter 2, we learned about how companies try to Maximize profits. Since companies are price takers marginal revenue equals the price of the of the product they sell. Consider the following chart that depicts the price per pound of recycled polystirene a type of plastic that his highly priced. AS you can see the function for marginal cost is

MC = 0.25+0.0625Q and the marginal revenue (price) is fixed at $3.5 per pound

a) Find the marginal cost at 20 pounds of recycled plastic. (show your work, I will take off points if you do not)

b) Under this circunstance is the recycling company maximizing their profits? What does the company have to do to mximize profits? (hint: compare MC and MR)

c) Find the profit maximization Quantity (show your work. Hint fint the point at which MR=MC)

Reference no: EM132444951

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