3. Business is booming for Consulting Services, Inc. (CSI), a local supplier of computer set-upconsulting services. The company can profitably employ technicians as quickly as they can betrained. The average hourly rate billed by CSI for trained technician services and the number ofbillable hours (output) per quarter over the past six (6) quarter are as follows:Q1Q2Q3Q4Q5Q6Hourly rate($) 202530354045Billable hours 2,000 3,0004,0005,0006,0007,000Quarterly demand and supply curves for CSI services are as follows:Qd=4,000-200P +2,000 T (Demand)Qs -2,000+ 200 PWhere Q = output; P= price; T = trend factor, T-1 during first quarter and increases by 1Unit per quarter, in other words, Q2 = 2.a. Express each demand and supply curve in terms of price as a function of output.b. Plot the demand and supply functions over the last six (6) quarters.C. What are your observations based on response to part (b)?

Part a) Demand and supply curve in terms of price as a function of output can be represented as…

Answered: 3. Business is booming for Consulting…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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q 075150225 300 375 450 C(q)21 29 26 25 30 25 27 The table shows the marginal cost of producing q units of goods. a) If the fixed cost is $9600, use the average of left- and right- hand sums to determine the total cost of producing 225 units. Answer: $ b) How much would the total cost increase if production were increased one unit, to 226 units? Answer: $
Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the marginal revenue for a product is MR = 1800 and the marginal cost is MC = 90Vx + 4, with a fixed cost of $600. (a) Find the profit or loss from the production and sale of 5 units. There is a -Select-- | of $ (b) How many units will result in a maximum profit? units
Kk.299.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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A lash adjuster keeps pressure constant on engine valves, thereby increasing fuel efficiency in automobile engines. The relationship between price (p) and monthly demand (D) for lash adjusters made by the Wicks Company is given by this equation D (1.900-py0 10 What is the demand (0) when total revenue is maximized? What important data are needed if maximum profit is desired? G The total revenue is maximized when demand is 9500 units per month (Round to the nearest whole number) Select all important data that are needed if maximum profit is desired. DA Variable cost per lash adjuster B. Fixed cost per month C. Variable cost per engine valve D. Variable cost per gallon of fuel
Question 5 ( A manufacturer assembles personal computers. If the computers are priced at £1,000 each, the company will sell 30 units per week, and if the computers are priced at £800 each the sales will be 50 units per week. The fixed weekly costs are £10,000 per week and the variable costs are £600 per unit sold. Assuming that there is a linear relation between sold items and their prices, determine: 1) The price function ( 2) The weekly revenue functiofi, and the cost function. ( 4 3) The manufacturer's weekly profit function. (... 4) The breakeven point." 5) Sketch the costs and the revenue functions and interpret the graphs.
Please refer to the figure below. The equation for p = 105-0.005D 25,000+65D Y D (units sold) How much is the fixed cost? ОА. BD65 о В. BD22,500 ОС. BD12,500 O D. BD25,000 Cost/Revenue
CellPeak produces shelving units. The variable cost of each shelving unit comprises of direct materials of $30, direct labor of $7, packaging costs of $7 and variable overheads of $2. CellPeak has fixed overheads of $252513 and sells its shelving units for $75 each. Current sales are 25,000 shelving units per annum. What profit would CellPeak make if the company sold 18,000 shelving units?
"A taxi company currently has nine cabs in its fleet, and its total daily cost is $4,000. If the company added a 10th cab, its daily total cost would be $4,200, or $420 per cab. Adding the 10th cab will increase the daily total revenue by $300. Should the company add the 10th cab? (Yes/No)"
Suppose that the production function takes the form X = min(10L, 5K) and that a competitive firm faces a wage rate of £60 per week and a weekly capital rental of £32. (a) How much must the firm spend to produce 100 units of output, and what is the average cost of production when X = 100? (b) What is the incremental cost of producing the 101st unit of output? (c) What happens to the cost of producing 100 units of output if the wage rate and the rental cost of capital rise by 25 per cent each? What happens to the average and marginal cost? (d) What happens to the cost of producing 100 units of output if the wage rate increases by £1, or if the cost of capital increases by £1?

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