The production costs, in $, per week of producing x widgets is given by C(x)=65000+4x+〖0.2x〗^2-〖0.00002x〗^3 and...

The production costs, in $, per week of producing x widgets is given by C(x)=65000+4x+〖0.2x〗^2-〖0.00002x〗^3 and the demand function for the widgets is given by p=500-0.5x . Find the Marginal Revenue equation. Find the Marginal Cost equation. Find the Marginal Revenue and Marginal Cost for the firm when it is producing 300 widgets. Based on your numbers, would you advise the company to increase, decrease, or make no change to the level of production? Explain why.

Expert Solution

milcah answered 2 years ago

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