Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning. y 35,000 a 30,000 25,000 b. 20,000 15,000 10,000 5,000 d 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Graph a is the cost X function. number of units sold decreases as the price increases Graph b is the revenue X function. This function increases linearly with the number of units produced. Graph c is the demand X and graph d is the revenue cost X function is less than a cost X function.

Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning. y 35,000 a 30,000 25,000 b. 20,000 15,000 10,000 5,000 d 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Graph a is the cost X function. number of units sold decreases as the price increases Graph b is the revenue X function. This function increases linearly with the number of units produced. Graph c is the demand X and graph d is the revenue cost X function is less than a cost X function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

Question

Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning.
y
35,000
30,000
25,000
b.
20,000
15,000-
10,000
5,000
d.
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Graph a is the cost
VX function. The number of units sold decreases
as the price increases
Graph b is the revenue
function. This function increases linearly
V with the number of units produced.
Graph c is the demand
x and graph d is the revenue
A cost
X function is less than a cost
X function.
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