Answer to Question #226275 in Statistics and Probability for muhammad usama

Question

a. sketch the Graph of . Also describe the application of exponential and

logarithmic functions in Business.

b. A manufacturer estimates that when q thousand units of a particular commodity are

produced each month, the total cost will be 40 thousand dollars, and

all q units can be sold at a price of dollars per unit.

1. Determine the level of production that results in maximum profit. What is the

maximum profit?

2. At what level of production is the average cost per unit minimized?

3. At what level of production is the average cost equal to the marginal cost C'(q)?