Answer Happy

profit from the supply of a certain commodity is modeled as P(q)=20+70ln(q) thousand dollars re 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. Pˉ(q)= (b) What are the profit and the average profit when 14 million units are produced? (Round your answers to three decimal places.)  profit  average profit ​$$​ thousand  (c) How rapidly are profit and average profit changing when 14 million units are produced? (Round your answers to three decimal places.)  profit  average profit ​$$​ thousand per million units  per million units ​ (d) Why should managers consider the rate of change of average profit when making production decisions? Maximum average profit generally occurs at a lower production level than maximum profit. The rate of change of average profit indicates the status of the economy. Average profit is the best indicator of how the market will perform in the future. Producing more products will lead to an increase in the rate of change of average profit.