The profit from the supply of a certain commodity is modeled as P(q)-20+50 In(q) thousand dollars where q is the number

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The Profit From The Supply Of A Certain Commodity Is Modeled As P Q 20 50 In Q Thousand Dollars Where Q Is The Number 1 (32.32 KiB) Viewed 43 times

The profit from the supply of a certain commodity is modeled as P(q)-20+50 In(q) thousand dollars where q is the number of million units produced. (a) Write an expression for average profit (in dollars per unit) when q million units are produced. P(q)- 20p + 50 ln (g) (b) What are the profit and the average profit when 14 million units are produced? (Round your answers to three decimal places.) profit $4 X thousand average profit $ 3.5 x x (c) How rapidly are profit and average profit changing when 14 million units are produced? (Round your answers to three decimal places.) profit $5 X thousand per million units average profit $4.5 X per million units (d) Why should managers consider the rate of change of average profit when making production decisions? O Producing more products will lead to an increase in the rate of change of average profit. Average profit is the best indicator of how the market will perform in the future. O The rate of change of average profit indicates the status of the economy. Maximum average profit generally occurs at a lower production level than maximum profit. X Nood Hole BACH 2