Cost, revenue, and profit are in dollars and x is the number of units.
Suppose that the total revenue function for a product is R(x) = 45x and that the total cost function is C(x) = 2100 + 25x + 0.01x^2.
(a) Find the profit from the production and sale of 500 units.
(b) Find the marginal profit function.
(c) Find MP at x = 500.
MP =
Explain what it predicts.
The total profit will increase by approximately $ on the sale of the next (501st) unit.
(d) Find P(501) - P(500).