Let the demand function for a product be given by the function D (q) = -1.45 q +290, where q is the quantity of items in demand and D (q) is the price per item, n dollars, that can be charged when q units are sold. Suppose fixed costs of production for this item are $ 5,000 and variable costs are $ 6 per item produced. If 138 items are produced and sold, find the following: A) The total revenue from elling 138 items (to the nearest penny). Answer: S B) The total costs to produce 138 items (to the nearest penny). Answer: $C) The total profits to produce 138 tems (to the nearest penny. Profits may or may not be negative.). Answer: S

Let the demand function for a product be given by the function D (q) = -1.45 q +290, where q is the quantity of items in demand and D (q) is the price per item, n dollars, that can be charged when q units are sold. Suppose fixed costs of production for this item are $ 5,000 and variable costs are $ 6 per item produced. If 138 items are produced and sold, find the following: A) The total revenue from elling 138 items (to the nearest penny). Answer: S B) The total costs to produce 138 items (to the nearest penny). Answer: $C) The total profits to produce 138 tems (to the nearest penny. Profits may or may not be negative.). Answer: S

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

Problem One: The fixed cost for a company is 1200 OMR and the variable cost is 2 OMR per 100 unit. If demand function is given by p = L Determine the quantity that the company must sell to cover the fixed costs.
At a price of R 8 per item consumers will buy 1500 units. If the company increases the price by R1 per item, the number of items that the consumers will buy will decrease by 75. i) Does the function described represent a supply or demand curve? Find the formula of the function given that it is a linear function. ii) Find the price that will maximize the revenue.
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)
For the cost and price functions below, find a) the number, q, of units that produces maximum profit; b) the price, p, per unit that produces maximum profit; and c) the maximum profit, P. C(q) = 90+12q; p= 64-2q a) The number, q, of units that produces maximum profit is q = b) The price, p, per unit that produces maximum profit is p=$ c) The maximum profit is P = $.
answer calculation
Road Runner Co is a Pakistani manufacturer making Bicycles. It exports to two markets,Bangladesh and Sri Lanka. Demand for Bicycles in thesetwo markets is given by the following Functions: Bangladesh Q1 = 12 – P1 Sri Lanka Q2 = 8 – P2 Where Q1 and Q2 are respective quantities sold (in thousands) andP1 and P2 are the respective prices (in Pak. Rupees per unit) in the two markets. Total cost function is C = 5 + 2 (Q1+ Q2) A.Determine the company’s total profit function. Also, (i) What are the profit maximizing levels of price and output for the two markets? (ii) Calculate the marginal revenues in each market. B.Now consider two cases: (i) Company is effectively able to price discriminate in thetwo markets. What will be the total profits? (ii) Suppose the company does not engage in price discrimination. By charging thesameprice in the two markets what are the profit maximizing levels of price,output, and the total profits?…
If the Marginal Cost for a product is found to be MC= 8x+60 , and the Marginal Revenue is given as MR= 1200 and the cost of 8 units is found to be $1600, what are: the Total Costs? the Fixed Costs? the Total Profit? the production level, x, that yields Maximum Profit? the corresponding Maximum Profit?
For the cost and price functions below, find a) the number, q, of units that produces maximum profit; b) the price, p, per unit that produces maximum profit; and c) the maximum profit, P. C(q) = 70+ 14q; p = 70-2q a) The number, q, of units that produces maximum profit is q = b) The price, p, per unit that produces maximum profit is p = $ c) The maximum profit is P = $
Windies Cricket manufactures Windies supporter jerseys. The quantity q, of thes jerseys demanded weekly is related to the wholesale price per jersey p, by the following equation: p=-0.006q+15 The weekly total cost incurred by Windies Cricket for producing q jerseys is: C(q) = 38q-0.02q² + 30,000 a. Determine an expression to represent the weekly Revenue function.
The daily demand function for x LED lights sold by a major retailer is p = 1112.5 0.75x dollars, and the average cost of sales is C = 250 + 3x dollars. Find the quantity that will maximum profit, the selling price at that quantity and the maximum profit. a) Selling LED lights will maximum profit. b) The selling price at the answer in part (a) is $ c) The maximum profit is $
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
Given the input-output matrix below, find the output matrix if final demand changes to 500 for water, 180 for electric power, and 800 for agriculture. Industry Electric Power Industry: Water Electric Power Agriculture Other Water 200 100 300 400 The output matrix is X= (Round to two decimal places as needed.) 480 120 240 360 Agriculture Final Demand 180 240 120 60 290 140 600