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- Solve all three as they are subparts. Hand written solutions are strictly prohibited.The total cost and the total revenue (in dollars) for the production and sale of x ski jackets are given by C(x)=26x +18,625 and R(x)-200x-0.2x² for 0≤x≤ 1000. (A) Find the value of x where the graph of R(x) has a horizontal tangent line (B) Find the profit function P(x). (C) Find the value of x where the graph of P(x) has a horizontal tangent line. (D) Graph C(x), R(x), and P(x) on the same coordinate system for 0sxs 1000. Find the break-even points. Find the x-intercepts of the graph of P(x) (A) R(x) has a horizontal tangent line at x =The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000 Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000, $1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15 spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any of the four winning numbers. Number of tickets that can win Prizes 0 (i.e. not a winner) 2,853,533 621,075 10 327,600 20 58,500 50 31,200 100 5525 1,000 2561 75,000 6. Total= 3,900,000 tickets sold Find and interpret the expected outcome of this game. [Write your answer as a complete sentence]
- Marryweather Ltd. is a company that sells machines in the US and the EU. The inverse demand functions for the two markets are given as Pus = 10 – Yus and pgu = 6 - Yev. respectively. The machines for both markets are manufactured in Poland with a fixed % marginal cost of $2 and sold to clients only through its online retail stores (assume the online stores are affiliates of the company and that the profits are directly recorded by Marryweather, Ltd.). Due to its unique patented technology, the company is a monopoly in both markets. 1. Assume, instead of the exclusive territorial agreements, Marryweather, Ltd. has one global retail agreement with its online vendor that sells to both markets. Drawing a diagram (with the proper labels) show the combined market demand and marginal revenue. What is the price? What is the total profit? How many machines does the company sell in each market? 2. If Marryweather, Ltd. could perfectly price discriminate in the combined market from part (b), what…Consider a firm with the market demand function for its product given by: p =1000 – 2Q; and total cost of production given by: TC = Q3 – 59Q2 + 1315Q + 2000. (a) Obtain the firm’s Total Revenue function. (b) Find the amount of Total Revenue when the firm sells 30 units of output. (c) Obtain the firm’s Profit function. (d) Find the amount of Total Profit when the firm sells 30 units of output.Transactions valued at the actual price agreed upon by the transactors are referred to in the SNA as:1. Basic Prices2. Current Prices3. Actual Prices4. Market Prices
- A manufacture has been selling 1400 television sets a week at $450 each. A market survey indicates that for each $22 rebate offered to a buyer, the number of sets sold will increase by 220 per week. a) Find the demand function p(x), where x is the number of the television sets sold per week. p(x) = b) How large rebate should the company offer to a buyer, in order to maximize its revenue? $ c) If the weekly cost function is 105000 + 150x, how should it set the size of the rebate to maximize its profit? $ Submit QuestionEdinburgh Tyre Company (ETC) sells identical tyres under the firm's own brand name and private label tyres to discount stores. The tyres sold in both sub-markets are identical, and the marginal cost is constant at £10 per tyre for both types. The firm has estimated the following demand curves for each of the markets. PB 70 0.0005QB (brand name) and PP 20-0.0002QP (private label). Quantities are measured in thousands per month and price refers to the wholesale price in pounds. ETC currently sells brand name tyres at a wholesale price of £28.50 and private label tyres at a wholesale price of £14. Which of the following statements is true? Select one: O a. O b. ○ c. The brand name price is too low and the private label price too high relative to the profit maximising prices. Both prices are too high relative to the profit maximising prices. Both prices are too low relative to the profit maximising prices. Od. The brand name price is too high and the private label price too low relative to…The market demand for a monopoly firm is estimated to be: Qd= 100,000 − 500P + 2M + 5,000PR where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2021. The average variable cost function is estimated to be AVC = 520 − 0.03Q + 0.000001Q2 Total fixed cost in 2021 is expected to be $4 million. The profit-maximizing price for 2021 is a. $260. b. $560. c. $520. d. $80. e. $100
- In the 1928, Knoxville was served by a single railroad line. Because alternative forms of transportation were not close substitutes for rail transportation in 1928, this railroad had a transportation monopoly in Knoxville. The estimated monthly fixed cost associated with operating a railroad was $1,200. In addition, there was a constant average variable cost and marginal cost of $0.02 per ton-mile associated with the railroad's operation. The estimated monthly demand for transportation on the railroad was: Qd = q = 80,000 - 1,000,000P where Qd was the monthly quantity demanded in ton-miles and P was the price per ton-mile in dollars. Based upon the above equation, answer the following questions: a. What is the profit-maximizing price and quantity? b. Would a private company build the railroad? c. What is the socially optimal price and quantity?A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price=160−0.02×Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing)=$47,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 4,000 units per year. The maximum profit that can be achieved is $? (Round to the nearest dollar.) The unit price at the point of optimal demand is $? per unit. Marryweather Ltd. is a company that sells machines in the US and the EU. The inverse Pus = 10 – Yus and pgu = 6 – YEu, demand functions for the two markets are given as respectively. The machines for both markets are manufactured in Poland with a fixed % marginal cost of $2 and sold to clients only through its online retail stores (assume the online stores are affiliates of the company and that the profits are directly recorded by Marryweather, Ltd.). Due to its unique patented technology, the company is a monopoly in both markets. 1. Assuming Marryweather, Ltd. has an exclusive territorial online retail agreement in each market with its vendors (an online vendor in the US cannot sell to an address in Europe, and vice versa), what would be the profit-maximizing prices and quantities in the US and the EU? What are the profits from each market? 2. Assume, instead of the exclusive territorial agreements, Marryweather, Ltd. has one global retail agreement with its online vendor that sells…