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    Maths Problems

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    © All Rights Reserved
    Download as PDF or read online from Scribd
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    15 views4 pages

    Economics Applications of Differentiation

    Uploaded by

    bloop
    Maths Problems

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    Exercise 7C 1. Write an expression for R(x), the revenue function, if x items are sold at $100 each. 2. Write an expression for R(x), the revenue function, if x items are sold at $450 each. 3. Write an expression for R(x), the revenue function, if x items are sold at $2-50 each. 4. In making x units of a certain product the cost to a company involves a fixed cost of $4000 and then an additional cost of $5 per unit. Write down an expression for C(z), the cost function. 5. The fixed costs involved in producing a particular item total $150 000. For each item produced an additional expense of $110 is incurred. Write down an expression for the total cost of producing x items. 6. In each of the following R(x) and C(z) are the revenue and cost functions, in dollars, for producing x items. In each case determine an expression for P(x), the profit function in dollars, and find the value of x for break even. (a) R(x) = 7x, 125 + 2x. 150x + 5 000. ; 2.000 + 5x (d) Ri) = 50 000x, = 1200 000 + 20 000x 7. In each of the following C(x) is the total cost in dollars for making x units of a certain product. The items are sold for $y each. For each part determine an expression for P(x), the profit function in dollars, and find the value of x for break even. 8. A firm produces and sells x units of a particular item with the cost and revenue functions given in dollars by C(x) = 6 000+ 18x, and R(x)= 25-5x. Find (a) an expression for P(x), the profit function in dollars, (b) how many units must be produced and sold for the firm to break even with this product, (c) the marginal cost, marginal revenue and marginal profit. 9. Find the marginal revenue, marginal cost and marginal profit for each of the following where C(x) is the cost function and R(x) the revenue function. (a) R(x) = 20x dollars, C(x) = (500 + 15x) dollars. * (b) R(x) = 450x dollars, C(x) = (7000 + 300x) dollars. (ce) R(x) = 7-5x dollars, C(x) = (250 + 5-5x) dollars. Exercise 7C. Page 137. 1,R(x)=$100x 2. Rix)=$450x 8. R(x)=$2-5x 4. Clx)=8(4000 + Bx) 5. Clz)=$(150000 + 110 6. (a) 5x— 125, 25 (b) 50x —5000, 100 (c) 10x 2000, 200 (d) 30 000x — 1 200000, 40 7. (a) 20x ~ 10.000, 500 (b) 4:5x ~ 1800, 400 (c) 3-5x ~ 840, 240 (d) 1750x — 490 000, 280 8. (a) 75x — 6.000 (b) 800 (©) $18 per unit, $25-50 per unit, $7-50 per unit 9. (a) $20 per unit, $15 per unit, $5 per unit () $450 per unit, $300 per unit, $150 per unit (©) $7.50 per unit, $550 per unit, $2 per unit Exercise 7D 1. Find the marginal cost for each of the following cost functions. (a) Cla) = 300+ 7x (b) C(x) = 500 + 4x +2? 3 (6) Clx) = Fy - 122+ 800x+ 1000 (a) C(x) = 60+ AV ~ 1008 2. The cost function, $C, for producing x units of a product is given by C= 5000 + 20 Vx. Determine an expression for the marginal cost and hence calculate the marginal cost for (a) x=25, (b) x= 100, (c) x = 400. 3. The cost, $C, of producing x tonnes of a particular product is given by C= 15 000 + 750x— 152? + 2 Determine an expression for the marginal cost and hence calculate the marginal cost for (a) x=30, (b) x=60, — (c) x= 100. 4. The cost function for a particular item is given by $C where C = 450 + 0-52” and x is the number of such items produced. Find the marginal cost for x = 10 and explain what this tells you about the cost of producing one more item at this level of production. 5. The total revenue function, $R, for a particular item is given by R = 425x where x is the number of such items produced and sold. The total cost function is $C where C= 150 + 200x - 30x” + 2x? (a) Find the total profit from the production and sale of the first two items. (b) Find the average profit per unit from the production and sale of the first two items. (c) Find the total profit from the production and sale of the first ten items. (d) Find the average profit per unit from the production and sale of the first ten items. 6. The cost function for a particular item is given by $C where C is given by = pn? 121? + 8000 + 1000 and n is the number of such items produced. Find the marginal cost for » = 10 and explain what this tells you about the cost of producing one more item at this level of production. 7. The cost function, $C, for a particular item is given by C = 250 + 6x +x” where x is the number of such items produced. Find the marginal cost for x = 10 and explain what this tells you about the cost of producing one more item at this level of production. Find the average cost per item for x = 10. 8. 10. 11. 12. 13. The total weekly cost of producing and selling x units of a particular item 2 ~ = a is $C where C = 2400 + 1000 ° Find the average cost per unit and the marginal cost when production is running at 800 units per week. The organisers of a concert decide to charge $(25 — 0-05x) per ticket where x is the number of tickets they expect to sell (x < 300). (a) Find an expression for R(x), the total revenue function. (b) Find an expression for the marginal revenue function. (c) Find the marginal revenue when x = 100 Find an expression for the marginal revenue if the total revenue, $R, from the sale of x items is given by R = 30x — 0-02x”, Find the marginal revenue when x = 150. By approximately how much will the total revenue increase due to the sale of the 151°t item? The total revenue function, $R, for a particular item is given by R = 35x where x is the number of such items produced. The total cost function is $C where C = 400 + 10x + 0-25x". (a) Find the total cost of production when x = 50. (b) Find the average cost per unit when x = 50. (c) Find the marginal cost when x = 50 and explain what your answer predicts about the production of the fifty-first item. (d) Find an’expression for P(x), the total profit function. (e) Find the average profit per unit when x = 50. (A positive profit is made for a

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