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Suppose a company's revenue function is given by R(q)=−q3+320q2R(q)=-q3+320q2 and its cost function is given by C(q)=290+20qC(q)=290+20q,...

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Basic Math

Suppose a company's revenue function is given byR(q)=−q3+320q2R(q)=-q3+320q2 and its cost function is given byC(q)=290+20qC(q)=290+20q, where qq is hundreds of unitssold/produced, while R(q)R(q) and C(q)C(q) are in total dollars ofrevenue and cost, respectively.

A) Find a simplified expression for the marginal profit function.(Be sure to use the proper variable in your answer.)

MP(q)=MP(q)=     

B) How many items (in hundreds) need to be sold to maximizeprofits? (Round your answer to two decimal places.)

Answer & Explanation Solved by verified expert
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PARTaThe given revenue function isThe given cost function isThe profit function is    See Answer
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