Question

The table below shows cost, C(q), and revenue, R(q). q | 0 | 500 | 1000 | 1500 | 2000 | 2500 | 3000 R(q) | 0 | 3375 | 6750 | 10125 | 13500 | 16875 | 20250 C(q) | 6250 | 8405.5 | 9483.25 | 10321.5 | 11159.75 | 13075.75 | 18225 At approximately what production level, q, is profit maximized? q ? 3000 units What is the price of the product? price = 6.75 dollars What are the fixed costs? fixed costs = 11250 dollars

          The table below shows cost, C(q), and revenue, R(q).
q | 0 | 500 | 1000 | 1500 | 2000 | 2500 | 3000
R(q) | 0 | 3375 | 6750 | 10125 | 13500 | 16875 | 20250
C(q) | 6250 | 8405.5 | 9483.25 | 10321.5 | 11159.75 | 13075.75 | 18225
At approximately what production level, q, is profit maximized?
q ? 3000 units
What is the price of the product?
price = 6.75 dollars
What are the fixed costs?
fixed costs = 11250 dollars

The table below shows cost, C(q), and revenue, R(q).
q | 0 | 500 | 1000 | 1500 | 2000 | 2500 | 3000
R(q) | 0 | 3375 | 6750 | 10125 | 13500 | 16875 | 20250
C(q) | 6250 | 8405.5 | 9483.25 | 10321.5 | 11159.75 | 13075.75 | 18225
At approximately what production level, q, is profit maximized?
q ? 3000 units
What is the price of the product?
price = 6.75 dollars
What are the fixed costs?
fixed costs = 11250 dollars

Added by Charles B.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Sri K

11/28/2022

Step 1

Profit is maximized when the difference between revenue and cost is the greatest. Looking at the table, we can see that the difference between R(q) and C(q) is the greatest at q = 3000 units. So, the production level at which profit is maximized is approximately Show more…

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The table below shows cost, C(q), and revenue, R(q). q | 0 | 500 | 1000 | 1500 | 2000 | 2500 | 3000 R(q) | 0 | 3375 | 6750 | 10125 | 13500 | 16875 | 20250 C(q) | 6250 | 8405.5 | 9483.25 | 10321.5 | 11159.75 | 13075.75 | 18225 At approximately what production level, q, is profit maximized? q ≈ 3000 units What is the price of the product? price = 6.75 dollars What are the fixed costs? fixed costs = 11250 dollars