A company manufactures two types of typewriters-electrical (E) and manual (M). The revenue function of the company, in thousands is: R(E, M) = 8E + 5M + 2EM – E² – 2M² + 20. Determine the quantity of electrical and manual typewriters which lead to maximum revenue. Also calculate the maximum revenue.

A company manufactures two types of typewriters-electrical (E) and manual (M). The revenue function of the company, in thousands is: R(E, M) = 8E + 5M + 2EM – E² – 2M² + 20. Determine the quantity of electrical and manual typewriters which lead to maximum revenue. Also calculate the maximum revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The profit of a company, in dollars, is the difference between the company's revenue and cost. The cost, C(x), and revenue, R(x), are functions for a particular company. The x represents the number of items produced and sold to distributors. C(x)=-2300+40x R(x)=840x-x² a) Determine and simplify the profit function. Write your answer in descending order. P(X)-
A company has established that the relationship between the sales price for one of its products and the quantity sold per month is approximately p=70 -0.2D (D is the demand or quantity sold per month and p is the price in dollars). The fixed cost is $700 per month and the variable cost is $40 per unit produced. a. What is the maximum profit per month for this product? b. What is the range of profitable demand during a month? a. The maximum profit per month for this product is $ (Round to the nearest dollar.)
Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a result, the number of customers dropped by 4%. How will this 5% increase of the average price of services impact total revenue at Daffy’s?
The marginal revenue (in thousands of dollars) from the sale of x handheld gaming devices is given by the following function. R'(x) = 4x (x²+25,000) (a) Find the total revenue function if the revenue from 120 devices is $34,166. (b) How many devices must be sold for a revenue of at least $50,000? (a) The total revenue function is R(x), given that the revenue from 120 devices is $34,166. (Round to the nearest integer as needed.) (b) devices must be sold to generate a revenue of at least $50,000 (Type a whole number.)
4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is
Find total revenue when price Is $45 per unit and the total quantity sold is 7
Help me plzz
Total revenue is given by the function:- 31Q3 - 20Q2 + 16Q +48 Find the average revenue function
Total revenue is $3500 and the output is given as 200 units. Calculate the average revenue for the firm
A soap company sold 250,000 soaps for which the variable cost of manufacture was $4.20 per soap. Each soap contributes 30% of its revenue to fixed costs and profit. This year the company decided to give a price reduction of 5%. How many more soaps will the company have to sell at the 5% price reduction to earn the same profit.
A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price=160−0.02×Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing)=$47,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 4,000 units per year. The maximum profit that can be achieved is $? (Round to the nearest dollar.) The unit price at the point of optimal demand is $? per unit.