Please Solve In 15mins e-h 5. Saltwater taffy can be sold wholesale for $45 per thousand individual candies. The cost ofproducing x thousand candies is C(x) =.001x+.045x? - 1.75xa. Find the revenue equationb. Can you find maximum revenue? Why or why not?c. What is the marginal revenue? What does it mean?d. Find the profit equatione. Find the number of candies that will produce maximum or minimum profitf. Will the number of candies in part (e) produce maximum or a minimum profit? How doyou know?g. What quantity of candy will cause marginal profit to be $0? What does it mean formarginal profit to be $0?h. What is the maximum profit?

We have given Price of saltwater taffy =$45 Cost function: C(x)=0.001x3+0.045x2-175x ....…

e. Find the number of candies that will produce maximum or minimum profit f. Will the number of candies in part (e) produce maximum or a minimum profit? How do you know? g. What quantity of candy will cause marginal profit to be $0? What does it mean for marginal profit to be $0? h. What is the maximum profit?

e. Find the number of candies that will produce maximum or minimum profit f. Will the number of candies in part (e) produce maximum or a minimum profit? How do you know? g. What quantity of candy will cause marginal profit to be $0? What does it mean for marginal profit to be $0? h. What is the maximum profit?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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