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
- Find the wholesaler's Revenue function as a function of q, using Revenue = (price) (quantity)
- Find the expression for Marginal Revenue
- Find Marginal Revenue when 200 units are sold
Q2. For wholesaler in problem 1 above
- Find the Profit function if the Total Cost function is given by C(q) = - .0001q³ + 195q + 3600
- Find the expression for Marginal Profit
- Find Marginal Profit when 200 units are sold.
Provide complete and step by step solution for the question and show calculations and use formulas.