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Given Cost and Price (demand) functions C(q) = 110q + 45000 and p(q) = - 2.8q+ 800, what profit can be earned if the price is set to be $550 per item? T 2 The profit is $ 62.50-2,89 29 (Round to the nearest cent.) of C100 o00 ond it costs A company produces a special new tyne of TY Tho nomnonu h

Given Cost and Price (demand) functions C(q) = 110q + 45000 and p(q) = - 2.8q+ 800, what profit can be earned if the price is set to be $550 per item? T 2 The profit is $ 62.50-2,89 29 (Round to the nearest cent.) of C100 o00 ond it costs A company produces a special new tyne of TY Tho nomnonu h

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Cost and Price Functions** Given Cost and Price (demand) functions \( C(q) = 110q + 45000 \) and \( p(q) = -2.8q + 800 \), what profit can be earned if the price is set to be $550 per item? - The profit is $__________. (Round to the nearest cent.) --- **Company Production Analysis** A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs $1100 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assume a linear demand. - What is the marginal profit if 200 TVs are produced? - It is $__________ per item. (Round answer to nearest dollar.)
Transcribed Image Text:**Cost and Price Functions** Given Cost and Price (demand) functions \( C(q) = 110q + 45000 \) and \( p(q) = -2.8q + 800 \), what profit can be earned if the price is set to be $550 per item? - The profit is $__________. (Round to the nearest cent.) --- **Company Production Analysis** A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs $1100 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assume a linear demand. - What is the marginal profit if 200 TVs are produced? - It is $__________ per item. (Round answer to nearest dollar.)
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