Statistics Solutions

(Step-by-Step) A manufacturer’s cost is C(q)=(1)/(10)q^2+4q+500 dollars to produce q units, and can sell q units for P(q)=1/7(35-q) (b) Find the marginal cost and

Question: A manufacturer’s cost is \(C\left( q \right)=\frac{1}{10}{{q}^{2}}+4q+500\) dollars to produce q units, and can sell q units for \(P\left( q \right)=\frac{1}{7}\left( 35-q \right)\)

(b) Find the marginal cost and the marginal revenue

(c) Use the marginal cost to estimate the cost of the 5 th unit, and the marginal revenue to estimate the revenue of the 5 th unit.

(d) Compute the actual cost and revenue of the 5 th .

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