Find the profit or loss at the optimal level of production

Reference no: EM131798588

Question: In Problem cost, revenue, and profit are in dollars and x is the number of units.

A certain firm's marginal cost for a product is (MC)‾ = 6x + 60, its marginal revenue is (MR)‾ = 180 - 2x, and its total cost of production of 10 items is $1000.

(a) Find the optimal level of production.

(b) Find the profit function.

(d) Should production be continued for the short run?

(e) Should production be continued for the long run?

Reference no: EM131798588

Questions Cloud

Customers are complaining that they are being overcharged : customers are complaining that they are being overcharged and that they are not receiving timely customer service

Evaluate each integral to obtain a family of functions : Evaluate each integral to obtain a family of functions.Find any x-values where f(x) is not defined but F(x) is.

Create a folder on your computer named project : Create a folder on your computer named Project4. Download the file Tut04.htm and save as project4solution.htm in your Project4 folder. Download the image file

Describe at least two methods you would use and why : You consider using surveillance techniques to investigate this situation. Describe at least two methods you would use and why

Find the profit or loss at the optimal level of production : A certain firm's marginal cost for a product is (MC)? = 6x + 60, its marginal revenue is (MR)? = 180 - 2x, and its total cost of production of 10 items.

Superimposed linear and quadratic trends : a. Plot the series along with the superimposed linear and quadratic trends. Which trend model do you think describes the data well?

Need web design with html5 expertise in completing project : WEB DEVELOPMENT & DESIGN FOUNDATIONS with HTML5 Project - Consistent Nav Bar on Each Page

Determine the price of the bonds on september : Determine the price of the bonds on September

How many units will result in a maximum profit : Suppose that the marginal revenue for a product is (MR)? = 900 and the marginal cost is (MC)? = 30v(x + 4), with a fixed cost of $1000.

User Account

All Pages