A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. a) Determine the demand, or price, function. b) c) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? Determine the revenue function

A music store sells an average of 160 CDs per week at $24 each. The cost of producing x music CDs is C(x) = -0.003x² + 4.2x + 1000. A market survey indicates that for each 50¢ decrease in price, two additional CDs will be sold per week. a) Determine the demand, or price, function. b) c) What is the price of each CD when 170 are solu weekly and when 200 are sold weekly? Determine the revenue function

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

If the price is 600, the demand is 30, and the unit cost of a computer per day is 55, the profit is Answer: 16,350 x (5,100) Question 5 If the price is 600, the demand is 65, and the unit cost of a computer per day is 40, the profit is Answer: 36,400 x (24,200) Question 6 If the price is 400, the demand is 50, and the unit cost of a computer per day is 65, the profit is Answer: 16,750 x (3,900) Question 7 If the price is 600, the demand is 65, and the unit cost of a computer per day is 70, the profit is Answer: 34,450 x (20,300)
A large company in the communication and publishing industry hs quantified the relationship between the price of one of its products and the demand for this product as Price = 160 -0.01 xDemand for an annual printing of this particular product. The foxed costs per year (ie. per printing) = $4T 000 and the variable cost per unit = $35. 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 7,000 units per year. The maximum profit that can be achieved is S. (Round to the nearest dolar.) The unit price at the point of optimal demand is S per unit (Round to the nearest cent)
For a particular jacket that is ordered for the Holidays, the Variable Cost = $150 and the jacket will be priced for sale at $250. It is estimated that the Average Demand will be 5000 units. If the jacket does not sell at the retail price during the Holidays time period, then it will be sold to an overstock discounter for $30. Given the relationship between Optimal Quantity and Average Demand, should the Optimal Quantity for this jacket be:
Which of the following statements is correct? a. Most adults in the US are forced to sell their labor power, for a wage or salary, because they have no other means of earning a living. b. Employers are normally in a more powerful position, than workers, when bargaining over wages. c. The employer’s power decreases as unemployment increases. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above is correct.
suppose the Total Revenue function for a product is given by R(x)=V0•1x+0-2x² (R-4,x--u) a) Find the Rate of change in Tota) Revenue or Morginal Revenue . a) b) Find Margina) Revenue nhen x=4 units are sold and slate nhatitpredicts for the sale of the next unit c) Firid the Actual change in To tol Revenue uhen productm Level is ingeased from 4 to 5 units di Esplainany discreponcy hetncen parls (1) and (c)resuHs mathemohie ally / Graphically d)
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100
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=60-0.1D (D is the demand or quantity sold per month and p is the price in dollars). The fixed cost is $2,000 per month and the variable cost is $20 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? COLL a. The maximum profit per month for this product is $. (Round to the nearest dollar.) BOX AI
ammm. 11
When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing.
2) Indicate the type of cost which is not variable cost: a) Workers' wage. b) Material used in production. c) Accountant salary. d) Electricity consumed by the engine. 3) The relationship between price and demand can be expressed as a linear function. a) True b) False
To produce the next popular toy, a company has to pay a factory $250, 000 to set up the production line. They also have to pay $25 per item for the raw materials and labor. Write function for the average cost to produce x items. Then describe what happens to the average cost as the factory produces a large number of toys.
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.)