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Report the revenue function

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Reference no: EM131373220

Problem: The demand equation for a product is given by p = 500 - 0.01q dollars per unit where q is the number of units demanded.

a. Report the Revenue function.

b. If the cost of producing "q" units is given by C (q) =3000 +20q + 0.03q^2 find the profit function.

c. Use CALCULUS to estimate the profit generated by the sale of the of the 152nd unit. How does this compare with the EXACT profit generated by selling the 152nd unit? Include correct units. Do not round values.

d. For which value is marginal profit zero? Interpret your answer. Include correct units. What is the significance of the point where the marginal profit is zero?

Reference no: EM131373220

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