Assignment:
Q1. A wholesaler that sells computer monitors finds that selling price “p” is related to demand “q” by the relation p=280 - .02q where p is measured in dollars and q represents number of units sold
a. Find the wholesaler’s Revenue function as a function of q, using Revenue = (price) (quantity)
b. Find the expression for Marginal Revenue
c. Find Marginal Revenue when 200 units are sold
Q2. For wholesaler in problem above
a. Find the Profit function if the Total Cost function is given by C(q) = - .0001q³ + 195q + 3600
b. Find the expression for Marginal Profit
c. Find Marginal Profit when 200 units are sold
Provide complete and step by step solution for the question and show calculations and use formulas.