MATH 124 Exam 2 questions and
verified solutions
Cost Function
C(q) - correct answer ✔✔ Fixed Cost(C(0)) + Variable Cost
F(q)+V(q)
Marginal Cost Funtion
MC - correct answer ✔✔ The derivative of the cost function
C'(q)
-the cost to produce an additional item
Revenue Function
R(q) - correct answer ✔✔ Price x Quantity
p*q
Marginal Revenue
MR - correct answer ✔✔ The derivative of the revenue function
R'(q)
-the price per item
Profit Function
π(q) - correct answer ✔✔ Revenue function - Cost function
R(q)-C(q)
verified solutions
Cost Function
C(q) - correct answer ✔✔ Fixed Cost(C(0)) + Variable Cost
F(q)+V(q)
Marginal Cost Funtion
MC - correct answer ✔✔ The derivative of the cost function
C'(q)
-the cost to produce an additional item
Revenue Function
R(q) - correct answer ✔✔ Price x Quantity
p*q
Marginal Revenue
MR - correct answer ✔✔ The derivative of the revenue function
R'(q)
-the price per item
Profit Function
π(q) - correct answer ✔✔ Revenue function - Cost function
R(q)-C(q)
