Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 60 + 0.10x + 0.001x² dollars. (a) Calculate the marginal profit function, in dollars per copy. P'(x) = (b) Compute the marginal profit, if you have produced and sold 500 copies of the latest edition. When you produce and sell 500 copies, the marginal profit is dollars per copy. Interpret the results: The approximate loss from the production and sale of the 501st copy is dollars.

Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 60 + 0.10x + 0.001x² dollars. (a) Calculate the marginal profit function, in dollars per copy. P'(x) = (b) Compute the marginal profit, if you have produced and sold 500 copies of the latest edition. When you produce and sell 500 copies, the marginal profit is dollars per copy. Interpret the results: The approximate loss from the production and sale of the 501st copy is dollars.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.4P

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