2. A firm producing two goods, x and y, has the cost function given by1x21001C(x, y)y3 – 9y + 20,60030010х +а.Find the cost minimizing level of output for each of the two goods.b. Check to be sure cost is minimized.С.Find the corresponding cost.

Given that the cost function is Cx,y=1100x2-10x+1300y3-9y+20600. a) It is required to find the cost…

Answered: 2. A firm producing two goods, x and y,…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter9: Functions

Section9.CR: Review Problem Set

Problem 37CR: A garden has 60 yards of fencing and wants to enclose a rectangular garden that requires fencing...

See similar textbooks

Similar questions

6. Consider the linear total cost (C) equation forproducing (x) items: C = 30x + 1000 a) Find the total cost of producing 100 items. b) Find the fixed cost and variable cost terms. c) As production increases by 1 unit, what is thechange in total cost?
A production process varies only with raw materials, as all other inputs are fixed.The cost of a shipment of 16kg of raw materials is fixed at $85.It takes 10kg of raw materials to create one item of output, Q.The marginal revenue for this production process is expressed by: MR = −Q^2 + 52Q − 576.Determine the optimal amount of raw materials to be used in this production process.
A firm's demand function for a good is given by D: P= 100-2Q and their total cost function is given by TC = 300+8Q. For what values of Q does the firm break even? * O Q1 = 3.5 and Q2= 42.5 Q1 = 3.05 and Q2= 42.05 O Q = 4 O Q1 = 3.05 and Q2= 49.05
4. For the cost function C(x) = 44100 + 700x + x2(in dollars) where x is the number of units, find the following:(a) The average cost function.(b) The number of items, x, that will minimize average cost.(c) The minimum average cost. Explain in a sentence what you found.
The total revenue function for a product is given by R = 540x dollars, and the total cost function for this same product is given by C = 13,500+ 60x + x², where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 24 units are produced and sold? c. What is the profit when 38 units are produced and sold? d. How many units must be sold to break even on this product? (・・・))) a. Write the profit function. P(x) = (Simplify your answer.) b. When 24 units are produced and sold, there is a of $. (Simplify your answer.) c. When 38 units are produced and sold, there is of $. a (Simplify your answer.) d. The number of units that must be sold to break even on this product is. (Simplify your answer. Use a comma to separate answers as needed.)
2) A firm is a monopoly for the good it produces. Its average variable cost function is AVC = q + 4 and it has fixed costs of 1. The demand equation for its good is given by q = 20-p. Find expressions, in terms of q, for the total revenue and profit functions. Determine the production level q that gives the maximum profit. Also, find this maximum profit.
A manufacturing company purchases new products each year for use in the company. The product cost Rs.45,000 new. They are use for 3 years, after with they are sold for Rs. 80,000. The owner of the company estimates the variable cost of operating the products exclusive of engine, are Rs 0.96 per kilometer. Products are manufactures for a flat fee of Rs. 0.63 per kilometer (engine not included) A: Formulate the total revenue function associated with selling of the products of x kilometer over 4 year’s period. B: Formulate the total cost function associated with selling of the products of x kilometer over 4 years period C: Formulate the total profit function associated with selling of the products of x kilometer over 4 years period D: What is the profit if a product is a manufactured for 83,000 kilometers over a 4 years period? E: What kilometer age is required in order to urn 0 profit for 3 years? F: What is the restricted domain and restricted range for the function?
03. A textile company find its monthly profit, P, is given by this equation P(x) = -6x? + 36x + 840, where x is the selling price for each unit of the fabric. What is the best estimate of the price per unit that the company can charge in order to maximize the profit? А. X-894 В. х-840 С. х-3 D. x=5 E. not given
Suppose a company's variable costs for a product is given by: C(X) = 4X^2 + 32X The fixed cost is $15000 and the Total revenue Formula is: R(X) = 296X – 10X^2 %3D Where X is the total number of units sold; C(X) and R)X) are in $. a) Find the Profit Function b) Find the number of units at which the profit for the product is Maximized (Round to the nearest whole number). c) Find the Maximum Profit Value ($).
For each cost function (given in dollars), find the cost, average cost, and marginal cost at a production level of 1000 units; the production level that will minimize the average cost; and the minimum average cost. C(q) = 8,000 + 320q − 0.3q2 + 0.0001q3 (a) the cost, average cost, and marginal cost at a production level of 1000 units(b) the production level that will minimize the average cost (Round your answer to the nearest integer.) units(c) the minimum average cost (Round your answer to two decimal places.)
The demand function for a certain product is q- 90 + 2p = 0, 0595 90, where q is the number of units and p is the price per unit, and the average cost function is Cau = q² – 8q + 57 + , osas00. At what value of q will there be maximum profit? What is the maximum profit?

Recommended textbooks for you

Intermediate Algebra

Algebra

ISBN:

9781285195728

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra & Trigonometry with Analytic Geometry

Algebra

ISBN:

9781133382119

Author:

Swokowski

Publisher:

Cengage

Intermediate Algebra

Algebra

ISBN:

9781285195728

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra & Trigonometry with Analytic Geometry

Algebra

ISBN:

9781133382119

Author:

Swokowski

Publisher:

Cengage

SEE MORE TEXTBOOKS

2. A firm producing two goods, x and y, has the cost function given by 1 1 x? – 10x + 100 y3 – 9y + 20,600 C(x,y) = ; 300 a. Find the cost minimizing level of output for each of the two goods. b. Check to be sure cost is minimized. c. Find the corresponding cost.