Question: The revenue and cost functions for producing and selling quantity x for a certain production facility are given below.

R(x) = 16x – x ²

C(x) = 20 + 4x

1. Determine the profit function P(x).
2. Use Excel to graph the functions R(x), C(x) and P(x) for the interval 0≤ x ≤ 12. Copy and paste the graph below. Note: Use Scatter plot with smooth lines and markers.
3. Compute the break-even quantities.
4. Determine the average cost at the break-even quantities.
5. Determine the marginal revenue R’(x).
6. Determine the marginal cost C’(x)
7. At what quantity is the profit maximized?

Price: $2.99

Solution: The downloadable solution consists of 4 pages
Deliverable: Word Document