5. A firm sells two products. The demand functions for two products are:q1 = 120-4p1 - p2q2 = 90-2p1-3p2where p; equals the price of product j in dollar and q; equals to demand (in thousands ofunits) for product j.a. Determine the price which should be charged for each product in order to maximizetotal revenue from the two products.b. How many units will be demanded of each product at these prices?c. What is maximum total revenue?

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Answered: 5. A firm sells two products. The…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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rials eo uations ow....zip Process . @ 2 D W Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: D • p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping bags; . C is the total cost (in dollars) of producing a sleeping bags. x (sleeping bags) p ($) 95 240 235 155 50 120 180 220 Use this data to create regression models to answer all of the questions below. #3 Price Model Find a quadratic regression equation for the price-demand data, using a as the independent variable. E p=a+bx+cr² Round a to the nearest integer, round b to 2 decimal places, and round c to 4 decimal places. Use this price model to answer question 1-2 below. $ 4 5 6 MacBook Pro C ($) 13,000 14,300 18,500 21,000 Y PEAR & * 8 ( 9 0 0 P A
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Suppose that Alexander’s Coffee Shop has fixed costs of $18 and variable costs per unit of $4. The demand function for the coffee shop is P = 24 − 2Q. Given the demand and cost functions, calculate the maximum profit that Alexander’s Coffee Shop can earn.
The production function of a company is: q = 16 L+ 15 K - K?/5 - 2 L²/ 10 - 3 where "q" is the quantity of mobile phones produced per day, “L" is the number of employees, and "K" is the units of capital worth USD 10,000. The cost of unit capital per day is USD 20. and the average monthly salary of an employee is USD 1,200. The management wants you to find the optimal values of “q", “K" and “L" in order to maximize profit, if the unit selling price of each mobile phone is USD 100.
The demand equation for a manufacturer's product is: D = 210 - 0.3q where q is the number of units and p is the price per unit. For what value of q will there be a maximum income? How much is the maritime income?
Given that a firm has a demand equation q = 3p - 40, for 0 < p < 100, where p represents price in dollars and q is quantity of units demanded. Write out the Revenue function. What is the range of revenue this firm expects to generate from the sale of its product?
The supply function for a product is given by p=q² + 10q+ 166 and the demand function for this product is p=850 - 10q, where p is the price in dollars and q is the number of hundreds of units. Find the price that gives market equilibrium and the equilibrium quantity. What is the equilibrium price? $
The demand and supply functions for your college newspaper are, q = -11,000p + 4,400 and q = 2,000p + 500, respectively, where p is the price in dollars. At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?
Need only handwritten solution only (not typed one).
The manufacturing laundry sinks has fixed costs if $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q =360 – p, where q is the number of laundry sinks demanded and p is the price of a laundry sink. 1. If we assume that the total cost per day is linearly related to the amount of sinks produced in a day, derive the total cost function of the company? 2. Find a function for the average cost of this company

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