Business, 02.03.2021 01:10 jdale8369

b. Calculate the actual cost, revenue and profit to produce and sell the 10th ounce of the commodity. Then use the marginal functions approximate the cost, revenue and profit to produce and sell the 10th unit. Compare the results by filling in the blanks. Using the marginal cost function, the approximate cost to produce the 10th ounce is 2 Correct: Your answer is correct. dollars. Producing the 10th ounce of the commodity actually costs 2 Correct: Your answer is correct. dollars. So our approximation was perfect. Correct: Your answer is correct. Using the marginal revenue function, the approximate revenue from the sale of the 10th ounce is 3.81 Incorrect: Your answer is incorrect. dollars. The actual revenue from the sale of the 10th ounce of the commodity is Incorrect: Your answer is incorrect. dollars. So our approximation was high. Correct: Your answer is correct. Using the marginal profit function, the approximate profit from the production and sale of the 10th unit is Incorrect: Your answer is incorrect. dollars. The actual profit from the production and sale of the 10th ounce of the commodity is Incorrect: Your answer is incorrect. dollars. So our approximation was

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b. Calculate the actual cost, revenue and profit to produce and sell the 10th ounce of the commodity...