Let the demand function for a product be given by the function D(q) = -1.65q + 270, 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 $4, 000 and variable costs are $3 per item produced. If 96 items are produced and sold, find the following: A) The total revenue from selling 96 items (to the nearest penny). Answer: $ B) The total costs to produce 96 items (to the nearest penny). Answer: $ C) The total profits to produce 96 items (to the nearest penny. Profits may or may not be negative.). Answer: $

Let the demand function for a product be given by the function D(q) = -1.65q + 270, 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 $4, 000 and variable costs are $3 per item produced. If 96 items are produced and sold, find the following: A) The total revenue from selling 96 items (to the nearest penny). Answer: $ B) The total costs to produce 96 items (to the nearest penny). Answer: $ C) The total profits to produce 96 items (to the nearest penny. Profits may or may not be negative.). Answer: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

E
Let the demand function for a product be given by the function D(q) = -1.65g + 270, 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 $4, 000 and variable costs are $3 per item
produced. If 96 items are produced and sold, find the following:
A) The total revenue from selling 96 items (to the nearest penny).
Answer: $
B) The total costs to produce 96 items (to the nearest penny).
Answer: $
C) The total profits to produce 96 items (to the nearest penny. Profits may or may not be negative.).
Answer: $
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