Hello,
I was wondering if someone could tell me if I answered the questions correctly?


2a.) Does each profit function seem to have a maximum value? If so, identify it in your table.
Yes, each profit does have a maximum value. The profit fot Table A is 14090 and for Table B it is 167164.5.

2b.) For each profit function, what are the values of marginal cost and marginal revenue at the x-value where the profit has its maximum?
Table A: Table B:
Marginal Cost: 3 Marginal Cost: 248.9
Marginal Revenue: 2.2 Marginal Revenue:246.1

2c.) If a profit function has a maximum value at x=a, what seems to be the relationship between the values of marginal cost and marginal revenue at x=a? Answer in a summary sentence.
If a profit function has a maximum value at x=a, the relationship between marginal cost and marginal revenue is that they are the same. Profit will be 0.

3a.) In general, if MR > MC, is P(x) increasing or decreasing? Justify your choice, use the interpretation of marginals as predictors for the next unit.
In general, if MR >MC, P(x) is increasing. If more units are produced, profit will go down.

3b.) If MR < MC, is P(x) increasing or decreasing? Justify your choice.
If MR < MC, P(x) is decreasing. One more unit produced will result in a loss.

3c.) Explain how the observations in (a) and (b) provide general support for your statement relating the occurrence of maximum profit to the values of marginal cost and marginal revenue?
The observations in (a) and (b) provide general support because as more units are produced, the value is getting closer to 0, in which I said profit will be 0.

CG, you'll want a do-over for 2a. In turn, that'll change your response for 2b (your thinking for 2b was on-track but 2a's error pulls 2b down with it... 2b was the good kid who hung out with the wrong crowd).

You're good on 2c until the very end... you need to re-word the conclusion a bit. It's not profit that's zero when MR = MC (after all profit is actually at a maximum there), but something else related to profit is zero...

3a: OK, CG, gettin' kind of careless here. Yes MR > MC implies that the profit function P(x) is on the upswing. But what does that logically imply for making another unit?

3b: Good job.

3c: You need to re-word the conclusion just as you'll do for 2c.

Give it another go, and check back in.

Okay.. I think I got it...

2a.) Does each profit function seem to have a maximum value? If so, identify it in your table.
Yes, each profit does have a maximum value. The profit for Table A is 14250 and for Table B it is 167262.5.

2b.) For each profit function, what are the values of marginal cost and marginal revenue at the x-value where the profit has its maximum?
Table A: Table B:
Marginal Cost: 3 Marginal Cost: 247.5
Marginal Revenue: 3 Marginal Revenue: 247.5

2c.) If a profit function has a maximum value at x=a, what seems to be the relationship between the values of marginal cost and marginal revenue at x=a? Answer in a summary sentence.
If a profit function has a maximum value at x=a, the relationship between marginal cost and marginal revenue is that they are the same. Marginal Profit will be zero.

3a.) In general, if MR > MC, is P(x) increasing or decreasing? Justify your choice, use the interpretation of marginals as predictors for the next unit.
In general, if MR >MC, P(x) is increasing. More units should be produced to be closer to MC.

3b.) If MR < MC, is P(x) increasing or decreasing? Justify your choice.
If MR < MC, P(x) is decreasing. One more unit produced will result in a loss.

3c.) Explain how the observations in (a) and (b) provide general support for your statement relating the occurrence of maximum profit to the values of marginal cost and marginal revenue?
The observations in (a) and (b) provide general support because as more units are produced, the value is getting closer to 0, in which I said marginal profit will be 0.

Hmmm... I concur that the profit functions have maximums at 14,250 and 167,262.50, respectively. But these max'es are not actually shown in the tables; at least not the version that's attached to your post.

Since question 2a is asking "... identify it in your table", it sounds like it wants you to pick the max from the table's rows, rather than the more precise calculated maximums. But that's your call.

2b and 2c: Spot on.

3a and 3b are pretty good, although you might consider concluding 3a along the lines of "producing one more unit will result in increased profit."

Similarly, for 3b, it's not actually true that one more unit of production will cause a loss, but rather the effect will be a reduction of profit. Not the same thing.

All in all, a good effort... thanks for showing your work. Got to run; adieu!

Thanks so much! I actually did not see, but on the homework, there was a side note to complete the table in full, without jumping around (ex: instead of going from 4200 to 4900, fill in the missing numbers). I did complete the table with new numbers, and that's how I got my answer. Thanks for your help!