51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

51 The marginal revenue function for a company's product is 50 f'(x) = 10- x+ x?, (2,-7) MR = 40,000 – 4x where x equals the number of units sold. If total revenue equals 0 when no units are sold, determine the total revenue function for the product. 52 The function describing the marginal cost (in dollars) of producing a product is MC= 8x + 800 where x equals the number of units produced. It is known that total cost equals $80,000 when 40 units are produced. Determine the total cost function. 53 The function describing the marginal profit from producing and selling a product is MP=-6x + 450 where x equals the number of units and MP is the marginal profit measured in dollars. When 100 units are produced and sold, total profit equals $5,000. Determine the total profit function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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TABLE 12.1 | Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In(Qfte) – In(Qfte) cigarettes Regressor (1) (2) (3) In(Peisarettes) - In(Pçigarettes -0.94** -1.34** -1.20** i,1995 i,1985 (0.21) (0.23) (0.20) In(Inc;1995) – In(Inc;1985) 0.53 (0.34) 0.43 (0.30) 0.46 (0.31) Intercept -0.12 -0.02 -0.05 (0.07) (0.07) (0.06) Both sales tax and Instrumental variable(s) Sales tax Cigarette-specific tax cigarette-specific tax First-stage F-statistic 33.70 107.20 88.60 Overidentifying restrictions J-test and p-value 4.93 (0.026) These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differences). The data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept 12.6 (its p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the *5%…