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The demand function and the cost function for x units of a product are p= 40/sqrt(x) and C=0.55x+2750. Find value of the marginal profit when x= 4900.
The value of the marginal profit when x= 4900 is??
thanks!
Leah
Using
http://www.dummies.com/how-to/content/how-to-determine-marginal-cost-marginal-re...
I see that we need to do the following.
First, revenue is given by R(x) = xp. With p = 40/√x, that is R(x) = (40/√x)x = 40√x.
It could be noted that Marginal Revenue is R'(x), and that is 20/√x.
Next, profit is revenue - cost, or P(x) = R(x) - C(x).
That is, P(x) = 40√x - 0.55x - 2750.
The marginal profit is P'(x), and that is 20/√x - 0.55.
Putting x = 4900 gives P'(4900) = 20/70 - 0.55 = 2/7 - 11/20 = -37/140.
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