Let the demand function for a product be given by the function D(q) = - 1.3q + 290, where q is the quantity of items in demand and D(q) is the price per item, in 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 $9 per item produced. If 192 items are produced and sold, find the following: A) The total revenue from selling 192 items (to the nearest penny). Answer: $ B) The total costs to produce 192 items (to the nearest penny). Answer: $ C) The total profits to produce 192 items (to the nearest penny. Profits may or may not be negative.). Answer: $

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Let the demand function for a product be given by the function D(q) = - 1.3q + 290, where q
is the quantity of items in demand and D(q) is the price per item, in 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 $9 per item produced. If 192 items are produced and sold, find the following:
A) The total revenue from selling 192 items (to the nearest penny).
Answer: $
B) The total costs to produce 192 items (to the nearest penny).
Answer: $
C) The total profits to produce 192 items (to the nearest penny. Profits may or may not be
negative.).
Answer: $
Transcribed Image Text:Let the demand function for a product be given by the function D(q) = - 1.3q + 290, where q is the quantity of items in demand and D(q) is the price per item, in 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 $9 per item produced. If 192 items are produced and sold, find the following: A) The total revenue from selling 192 items (to the nearest penny). Answer: $ B) The total costs to produce 192 items (to the nearest penny). Answer: $ C) The total profits to produce 192 items (to the nearest penny. Profits may or may not be negative.). Answer: $
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