Given cost and price (demand) functions C(q)= 110q + 44,600 and p(g) = - 2q + 860, what is the marginal revenue at a production level of 55 items? The marginal revenue is $. (Round answer to nearest dollar.) Pr

Given cost and price (demand) functions C(q)= 110q + 44,600 and p(g) = - 2q + 860, what is the marginal revenue at a production level of 55 items? The marginal revenue is $. (Round answer to nearest dollar.) Pr

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Suppose that the fixed cost for a product is $200 and the break-even quantity is 50. find the…

A: The marginal profit will be computed as the selling price per unit, minus the variable cost per…

Q: Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: Consider the following demand function P = 62 - 2Q and the Cost for the business is $150 (for…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: 14.The demand function for a new product is p(x) = - 2x + 7 , where p is the selling price of the…

A: Profit is the difference between total revenue and total cost. Total revenue is the product of price…

Q: The answer in the textbook says when x>5 how do you get that ?

Q: The cost function of producing Q units of good s.t:

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: What is the elasticity of substitution of f(K, L) = KL²? (a) 1/3 (b) 1/2 (c) 2/3 (d) 1 (e) 3/2 (f) 2

A: Since there are multiple questions, we will solve the first question for you. If you want any…

Q: (c) The demand function for a good is given as Q = 25-2P Fixed costs associated with producing that…

A: Fixed Cost = €10Variable Cost = €2 per unitDemand Function : Q= 25 -2P or,

Q: OR (b) Define (i) Marginal cost and (ii) Marginal revenue. The cost of producing x widgets is given…

A: (i) Marginal Cost Marginal Cost (MC) is the additional cost incurred by producing one more unit of a…

Q: The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats…

A: As we know that in the long run equilibrium the form earns only zero profit That means normal profit…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: 2) The owner of a restaurant that you are thinking of purchasing, tells you for x customers per week…

A: Cost : C(x)=15000+2x Revenue : R(x)=500x-3x2 a) Profit P(x) = Revenue R(x)-Cost C(x)…

Q: Find the marginal cost function. C(x) = 174 + 1.7x The marginal cost function is C'(x) = ||.

A: The cost function is: C(x) = 174+1.7x

Q: Need help with c (the break even point) and d (the price range for which the company will make a…

A: X Y = 159.24x+65065.22 280 159.24*280+65065.22 =…

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q (i) Fixed cost is that component of total cost function that…

Q: Question 8 The marginal cost function for a good is given by MC = -Q² + 80Q. Find the total cost…

A: Given: Marginal cost function: MC=-Q2+80Q Fixed cost = 500

Q: A commodity has a demand function modeled by p= 112 - 0.5x and a total cost function modeled by C =…

A: The profit is maximized where the Marginal revenue is equal to the marginal or MR= MC.

Q: 1. It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators.…

A: Cost: It is the value of goods and services in terms of money.

Q: A firm has the production function f(#1, 72) = 1750 50. %3D What is the marginal rate of technical…

Q: (a) How can the marginal revenue be found? OA. Find R(x) - C(x). O B. Find the derivative of R(x).…

A: Marginal revenue measures the change in a firm's total revenue due to the sale of additional units…

Q: 2 The company Shirts Galore has figured its total cost of producing and selling x units of T-shirts…

A: Average cost is per unit cost of production. It is the ratio of total cost and quantity

Question

Given cost and price (demand) functions C(g)= 110q + 44,600 and p(g) = - 2g + 860, what is the marginal revenue at a production level of 55 items?
The marginal revenue is $ .
(Round answer to nearest dollar.)
Pr
rith

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

I am not sure how to do this
5. Profit: iPhones Assume that Apple's marginal cost function for the manufacture of x 32GB iPhone 6's per hour at the Foxconn Technology Group is C'(x)=160-0.002.x and that Apple sells iPhone 6's for an average wholesale price of $580 each. a. Find the cost function C (x)
The marginal revenue (in thousands of dollars) from the sale of x handheld gaming devices is given by the following function. )= 4x (x² +27,000) 4x R'(x) = 2 (a) Find the total revenue function if the revenue from 130 devices is $21,660. (b) How many devices must be sold for a revenue of at least $38,000? BECED (a) The total revenue function is R(x)=, given that the revenue from 130 devices is $21,660. (Round to the nearest integer as needed.) (b) devices must be sold to generate a revenue of at least $38,000. (Type a whole number.)
A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs are $ 50000. They will sell the CD's for $ 79 each. Let a be the number of CD's produced. Write the total cost C as a function of the number of CD's produced. C =$ Write the total revenue R as a function of the number of CD's produced. R=$ Write the total profit P as a function of the number of CD's produced. P=$ Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Question Help: Video Submit Question
Just for (d) I'd like to know how to compute the producer surplus. Thanks!
Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 60 + 0.10x + 0.001x² dollars. (a) Calculate the marginal profit function, in dollars per copy. P'(x) = (b) Compute the marginal profit, if you have produced and sold 500 copies of the latest edition. When you produce and sell 500 copies, the marginal profit is dollars per copy. Interpret the results: The approximate loss from the production and sale of the 501st сорy is dollars.
Math 1
The cost of producing � units of stuffed alligator toys is �(�)=0.004�2+10�+4000. Find the marginal cost at the production level of 1000 units.
The marginal revenue from the sale of x bottles of fancy sparkling water is given by R' (x) 84 0.03 x dollars per bottle. Find the increase in total revenue if the number of bottles sold increased from 225 to 350 5.
The marginal cost of producing the xth box of DVDs is 7 + C(x): = x² 80,000 and the fixed cost is $100,000. Find the cost function C(x).
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.)
Consider the following total revenue function for a hammer. R 44x 0.01x2 (a) The sale of how many hammers, x, will maximize the total revenue in dollars? x = 2200 hammers Find the maximum revenue. $48400 (b) Find the maximum revenue if production is limited to at most 1200 hammers. $ If the total revenue function for a computer is R(x) = 1000x - 35x2-x³, find the level of sales, x, that maximizes revenue and find the maximum revenue in dollars. x = R(x) = $ computers If the total cost function for producing x lamps is C(x) = 3240 + 37x+ 0.9x2 dollars, producing how many units, x, will result in a minimum average cost per unit? units Find the minimum average cost per unit. $ If the total cost function for a product is C(x) = 10+ 0.1x2 dollars, producing how many units, x, will result in a minimum average cost per unit? x= units Find the minimum average cost per unit. $ Find the derivative of the function. f(x) = ex-xe