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

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Basic Math

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

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