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PracticeTest3

# PracticeTest3 - Practice Test#3 Directions Use this...

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Practice Test #3 Directions: Use this practice test as a guide for your study for Test #3. This exam is not comprehensive, so study your class notes and homework problems in addition to completing this exam. Solutions are posted on the course website unde r “Solutions”. Directions: Show all work for full credit. Correct answers without work shown to support the answer will be awarded 0 points. Partial credit will be given where appropriate. 1) The revenue function of a company is 10 4000 ) ( 2 x x x R , where x is the number of units produced and sold. a) Find the revenue for 20 units and for 21 units and the difference of revenues. R(20) = _______________ R(21) = _______________ R(21) R(20) = _____________ b) Find the marginal revenue R’(x) and R’(20). R ’(x) = _______________ R’(20) = ____________ c) What does R’(20) mean in terms of the situation? d) Which is more accurate? R’(20) or R(21) – R(20) (circle one) Why? 2) The cost function for a company is x x C 4 400 ) ( and the revenue function is 2 100 ) ( x x x R , where x is the number of units produced and sold. Find the break-even point(s). (Remember, a break-even point is an ordered pair!)

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