Cost, revenue, and profit are in dollars and x is the number of units.A firm knows that its marginal cost for a product is MC = 2x + 25, that its marginal revenue is MR = 43 − 4x, and that the cost of production of 80 units is $8,560.(a) Find the optimal level of production. units(b) Find the profit function.P(x) = (c) Find the profit or loss at the optimal level.There is a ---Select--- profit loss of $ . 11. [-/7 Рoints]DETAILSHARMATHAP12 12.4.007.MY NOTESASK YOUR TEACHERCost, revenue, and profit are in dollars and x is the number of units.A firm knows that its marginal cost for a product is MC = 2x + 25, that its marginal revenue is MR = 43 – 4x, and that the cost of production of 80 units is $8,560.(a) Find the optimal level of production.units(b) Find the profit function.P(x) =(c) Find the profit or loss at the optimal level.There is a ---Select--- v of $

The optimal level of production is where the marginal revenue equals the marginal cost. That is at…

Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its marginal cost for a product is MC = 2x + 25, that its marginal revenue is MR = 43 − 4x, and that the cost of production of 80 units is $8,560. (a) Find the optimal level of production. units (b) Find the profit function. P(x) =

Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its marginal cost for a product is MC = 2x + 25, that its marginal revenue is MR = 43 − 4x, and that the cost of production of 80 units is $8,560. (a) Find the optimal level of production. units (b) Find the profit function. P(x) =

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 7PA

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