What is the marginal cost of oil production

Reference no: EM131011279

The cost and revenue for the production of q million barrels of crude oil at a certain company's oil field can be modeled by C(q) = 0.24q³ - 5.1q² + 40.27q + 0.15 million dollars R(q) = -0.03q³ + 0.52q² + 41.69q million dollars, where 0 < q < 17.

a. What is the marginal cost of oil production.

b. What is the marginal revenue for oil production.

c. Find the production level that maximizes profit.

Reference no: EM131011279

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